Of homes that sold during the period, just under half went for more than their asking price, the smallest share since mid-May, as the housing market continued to follow a typical seasonal pattern of end-of-summer cooling. Home sale prices flattened like they typically do this time of year, though they were still 14% higher than a year earlier. However, sellers' asking prices rose 1.7% from the four-week period ending
"Homebuying demand is being propped up by a number of factors, including first-time buyers deciding to buy now that rents are rising at their fastest rate since at least the start of the pandemic," said Redfin Chief Economist
Key housing market takeaways for 400+
Unless otherwise noted, this data covers the four-week period ending
- The median home-sale price increased 14% year over year to
$357,750. This was flat from the four-week period ending September 5.
- Asking prices of newly listed homes were up 11% from the same time a year ago to a median of
$357,225, on par with where asking prices were in mid-May. This was up 1.7% from the four-week period ending September 5. During the same period in 2019, asking prices rose 1.0%.
- New listings of homes for sale were down 6% from a year earlier. New listings have been below 2020 levels since the four-week period ending
August 29. The number of homes being listed is in a typical seasonal decline, down 18% from the 2021 peak reached during the four-week period ending June 27.
- Active listings (the number of homes listed for sale at any point during the period) fell 22% from 2020. Active listings have declined 3% from their 2021 peak hit during the four-week period ending
- 46% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier, but down 10 percentage points from the 2021 peak set during the four-week period ending
- 33% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier, but down 10 percentage points from the 2021 peak reached during the four-week period ending
- Homes that sold were on the market for a median of 19 days, up from the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier.
- 50% of homes sold above list price, up from 33% a year earlier. This measure has been falling since the four-week period ending
July 11, when it peaked at 55%.
- On average, 4.9% of homes for sale each week had a price drop, up 0.9 percentage points from the same time in 2020, and the highest level since the four-week period ending
October 13, 2019.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 101.3%. In other words, the average home sold for 1.3% above its asking price. This measure was down 0.9 percentage points from its peak hit during the four-week period ending
July 11and up 2.0 percentage points from a year earlier.
Other leading indicators of homebuying activity:
- Mortgage purchase applications increased 8% week over week (seasonally adjusted) during the week ending
September 3. For the week ending September 9, 30-year mortgage rates were essentially flat at 2.88%.
January 1 to September 12, home tours were up 8%, compared to a 27% increase over the same period last year, according to home tour technology company ShowingTime.
- The Redfin Homebuyer Demand Index was up 27% from a year earlier during the week ending
September 12, and increased slightly from the previous week. The seasonally adjusted Redfin Homebuyer Demand Index is a measure of requests for home tours and other services from Redfin agents.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-up-7pct/
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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