Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending
- Asking prices of newly listed homes were flat from the previous 4-week period at
$349,973, and up 11% from the same time a year ago.
- Pending home sales were up 28% year over year.
- New listings of homes for sale were down 12% from a year earlier.
- Active listings (the number of homes listed for sale at any point during the period) fell 42% from 2020 to a new all-time low. This is the largest decrease on record in this data, which goes back through 2016.
- 58% of homes that went under contract had an accepted offer within the first two weeks on the market This is a new all-time high for this measure since at least 2012 (as far back as Redfin's data for this measure goes) and well above the 46% rate during the same period a year ago. During the 7-day period ending
March 21, 61% of homes sold in two weeks or less.
- 45% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high and up from 33% during the same period a year earlier. During the 7-day period ending
March 21, 48% sold in one week or less.
- 39% of homes sold above their list price, an all-time high and 15 percentage points higher than the same period a year earlier.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 100.2%, an all-time high and 1.9 percentage points higher than a year earlier.
- For the 7-day period ending
March 21, the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—was up 149% from the same period a year ago, when housing demand was near the lowest point it would hit during the pandemic.
- Mortgage purchase applications increased 3% week over week (seasonally adjusted) and were up 26% from a year earlier (unadjusted) during the week ending
March 19. For the week ending March 25, 30-year mortgage rates increased to 3.17%, the highest level since June.
"It's concerning how much home prices have risen during the pandemic," said Redfin Chief Economist
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-39-pct-homes-sold-above-list-price/
Refer to Redfin's metrics definition page for explanations of all the metrics used in the report.
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 95 markets in
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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