Redfin reports 16% median home price hike from 2020



SEATTLE, 25 August 2021 / PRNewswire / – (NASDAQ: RDFN) —National median home selling price rose 16% year-on-year to $ 361,225, according to a news report by Redfin (redfin.com), technology-based real estate brokerage. At the same time, the share of home sellers who lower their asking prices every week continues to increase.

Pending sales decline seasonally but are still up 10% from a year ago. Overall, the demand for home purchases is still very strong. The market frenzy of 2021 has cooled somewhat, but home sellers are still in charge of the housing market today.

“The demand for housing is back because even though house prices are high and competition is still strong, buyers don’t have many alternatives but to keep trying,” the chief economist said. by Redfin. Daryl Nice weather. “This continued demand for homes is prompting more homeowners to sell in order to avoid the fear of missing out on historically high prices. This enthusiasm from buyers and sellers translates into continued growth in pending sales compared to last year.

Highlights of the housing market for over 400 metropolitan areas in the United States:
Unless otherwise indicated, this data covers the four-week period ending 22 august. Redfin’s housing market data goes back to 2012.

  • Asking prices for newly listed homes have increased 10% from the same period a year ago to a median of $ 351,730, the lowest level since mid-April. This is a decrease of 2.7% from the all-time high set during the four-week period ending June 27.
  • Pending sales are down 6% from their 2021 peak in the four-week period ending May 30.
  • New listings of homes for sale were almost stable (+ 1%) from the previous year. The number of homes listed sees a typical seasonal decline, down 9% from the peak of 2021 in the four-week period ending June 27.
  • Active listings (the number of homes listed at any time during the period) fell 23% from 2020, the smallest drop since the end of the four-week period September 20, 2020. Active listings are up 16% from their 2021 low in the four-week period ending March 7, but were down 1% from their 2021 peak in the four-week period ending August 8.
  • 49% of homes under contract had an accepted offer within the first two weeks on the market, above the rate of 44% in the same period a year ago, but down 8 percentage points from at the peak of 2021, set over the four weeks End of period March 28.
  • 35% of homes that contracted had an offer accepted within a week of entering the market, up from 32% in the same period a year earlier, but down 8 percentage points from peak 2021 during the four week period ending March 28.
  • Homes that sold were on the market for a median of 18 days, up from the all-time low of 15 days in late June and July, and down from 34 days a year earlier.
  • 52% of homes sold above the list price, up from 32% a year earlier. This measure has been declining since the end of the four week period 11 July when it peaked at 55%.
  • The average sale-to-list price ratio, which measures how well homes are selling for their asking prices, fell to 101.6%. In other words, the average home has sold 1.6% above its asking price. This metric is down 0.6 percentage points from its peak in the four-week period ending 11 July and up 2.5 percentage points from the previous year.

Other leading indicators of home buying activity:

  • Mortgage purchase requests increased 3% week-over-week (seasonally adjusted) in the week ending 20 August. For the week ending August 19, 30-year mortgage rates fell slightly to 2.86%.
  • Of January 1 to August 22, home visits were up 11%, up from a 30% increase over the same period last year, according to home visiting technology company ShowTime.
  • During the week ending 22 august, the seasonally adjusted Redfin buyer demand index – a measure of requests for home visits and other services by Redfin agents – edged up from the previous week to its highest level since the end of the week. April 11, and was up 20% from the previous year.

To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-flat/

About Redfin
Redfin (www.redfin.com) is a technology-driven real estate company. We help people find housing through brokerage, Instant Home Buyers (iBuying), rentals, loans, title insurance and renovations. We sell houses for more money and charge half the cost. We also run the country # 1 real estate brokerage site. Our homebuying clients see homes with on-demand tours first, and our loan and title services help them close quickly. Customers selling a home can receive an instant cash offer from Redfin or have our home improvement team fix their home to sell it for the best price. Our rental business enables millions of people across the country to find apartments and houses for rent. Since our launch in 2006, we have saved more than $ 1 billion in committee. We serve over 100 markets across the United States and Canada and employs over 6,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit Redfin Data Center. To be added to Redfin’s press release mailing list, send an email [email protected]. To consult the Redfin press center, Click here.

SOURCE Redfin

Related links

https://www.redfin.com


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