SEATTLE, Feb. 26, 2021 /PRNewswire/ -- (NASDAQ: RDFN) —
The median home sale price increased 15% year over year to
$321,250, according to a new report
from Redfin (redfin.com), the technology-powered real estate
brokerage.
Below are other key housing market takeaways for more than 400
U.S. metro areas during the 4-week period ending February 21.
- Asking prices of newly listed homes hit a new all-time high of
$343,961, up 11% from the same time a
year ago.
- Pending home sales were up 18% year over year. During the
single week ending February 21,
pending sales were down 9% from two weeks prior. Over the same
period in 2020, pending sales were up 7%. It's likely that last
week's massive winter storm impacted housing market activity in
many parts of the country.
- New listings of homes for sale were down 17% from a year
earlier.
- Active listings (the number of homes listed for sale at any
point during the period) fell 40% from 2020 to a new all-time
low.
- 55% of homes that went under contract had an accepted offer
within the first two weeks on the market, well above the 44% rate
during the same period a year ago. This is another new all-time
high for this measure since at least 2012 (as far back as Redfin's
data for this measure goes). During the week ending
February 21, 57% of homes sold in two
weeks or less.
- 43% of homes that went under contract had an accepted offer
within one week of hitting the market, up from 30% during the same
period a year earlier. This is also an all-time high for this
measure. During the week ending February 21, 44% sold in one week or less.
- The average sale-to-list price ratio, which measures how close
homes are selling to their asking prices, increased slightly to
99.4%—1.6 percentage points higher than a year earlier and an
all-time high. During the week ending February 21, the ratio shot up to 99.8%, also an
all-time high.
- For the week ending February
21, the seasonally adjusted Redfin Homebuyer Demand Index—a
measure of requests for home tours and other services from Redfin
agents—was up 35% from the same period a year ago.
- Mortgage purchase applications decreased 12% week over week
(seasonally adjusted) and were up 7% from a year earlier
(unadjusted) during the week ending February
19. For the week ending February
25, 30-year mortgage rates increased to 2.97%, the highest
level since August.
"The housing market is now like a Soviet-era supermarket, with
most of the shelves empty," said Redfin CEO Glenn Kelman in remarks on Redfin's Q4 earnings
call this week. "In the week leading up to this call, demand
slackened for the first time in months, probably because of
cross-country snowstorms. But prior to that, the stories we heard
from our agents were harrowing, juicy and bizarre. Migrations are
warping the space-time continuum of small-town economies. The
affordability crisis that flowed like some huge, unspent electrical
charge from San Francisco to
Seattle to Portland to Denver and to Boise is now reaching virtually every town in
North America, bringing dazzling
prosperity but also new anxieties."
To view the full report, including charts and methodology,
please visit:
https://www.redfin.com/news/housing-market-update-polar-freeze/
About Redfin
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
the United States and Canada. Since our launch in 2006, we have
saved our customers nearly $1 billion
and we've helped them buy or sell more than 310,000 homes worth
more than $152 billion.
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 Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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SOURCE Redfin