Redfin reports 12% price hike to record high
SEATTLE, September 29, 2021 / PRNewswire / – (NASDAQ: RDFN) – Asking prices for homes listed have risen to an all-time high of 12%, according to a new report by Redfin (redfin.com), technology-based real estate brokerage.
Pending sales only increased 4%, the smallest year-over-year increase since june 2020. Other housing market metrics continued to show a typical seasonal cooling, with less than half of homes selling above list price and new listings of homes for sale down 20% from their peak from 2021.
“Home sellers continue to show optimism with rising asking prices,” said Redfin chief economist Daryl Nice weather. “However, there are already signals from the Fed and the markets that mortgage rates are starting to rise. affordability part of the home buying equation. “
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 September 26. Redfin’s housing market data goes back to 2012.
- The median home selling price increased 13% year over year to reach $ 356,358. This is an increase of 0.2% from the four week period ending September 19.
- Asking prices for newly listed homes increased 12% from the same period a year ago to a median of $ 361,250, a historic record. Asking prices increased throughout September, in a slight seasonal increase typical of late summer.
- New listings of homes for sale were down 8% from the previous year. New registrations are below 2020 levels since the end of the four-week period 22 august.
- Active listings (the number of homes listed for sale at any given time in the period) fell 22% from 2020.
- 46% of homes that contracted had an accepted offer within the first two weeks on the market, above the rate of 43% a year earlier.
- 33% of homes that entered into a contract had an offer accepted within a week of entering the market, up from 31% in the same period a year earlier.
- Homes that sold were on the market for a median of 20 days, almost a week longer than the all-time low of 15 days in late June and July, and down from 32 days a year more early.
- 48% of homes sold above the list price, up from 34% a year earlier.
- On average, 5% of homes for sale each week saw price decline, up 1.4 percentage points from the same period in 2020, and the highest level since the end of the four-month period. weeks October 13, 2019.
- The average sale-to-list price ratio, which measures how well homes are selling for their asking prices, fell to 101%. In other words, the average home has sold 1% above its asking price.
Other leading indicators of home buying activity:
- Mortgage purchase requests fell 1% week-over-week (seasonally adjusted) in the week ending September 24. For the week ending September 23, 30-year mortgage rates edged up to 2.88%.
- Of January 1 to September 26, home visits were up 7%, up from a 29% increase over the same period last year, according to home visiting technology company ShowTime.
- Redfin homebuyers demand index fell in the week ending September 26, but was up 8% from the previous year. The Seasonally Adjusted Redfin Homebuyer Demand Index is a measure of requests for home visits and other home buying services from Redfin agents.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-asking-prices-hit-new-high/
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.