SEATTLE, Feb. 26, 2021 /PRNewswire/ — (NASDAQ: RDFN) — The median house sale value elevated 15% 12 months over 12 months to $321,250, based on a brand new report from Redfin (redfin.com), the technology-powered actual property brokerage.
Beneath are different key housing market takeaways for greater than 400 U.S. metro areas in the course of the 4-week interval ending February 21.
- Asking costs of newly listed properties hit a brand new all-time excessive of $343,961, up 11% from the identical time a 12 months in the past.
- Pending house gross sales have been up 18% 12 months over 12 months. In the course of the single week ending February 21, pending gross sales have been down 9% from two weeks prior. Over the identical interval in 2020, pending gross sales have been up 7%. It is possible that final week’s huge winter storm impacted housing market exercise in lots of components of the nation.
- New listings of properties on the market have been down 17% from a 12 months earlier.
- Energetic listings (the variety of properties listed on the market at any level in the course of the interval) fell 40% from 2020 to a brand new all-time low.
- 55% of properties that went beneath contract had an accepted supply inside the first two weeks available on the market, nicely above the 44% charge throughout the identical interval a 12 months in the past. That is one other new all-time excessive for this measure since at the very least 2012 (way back to Redfin’s information for this measure goes). In the course of the week ending February 21, 57% of properties bought in two weeks or much less.
- 43% of properties that went beneath contract had an accepted supply inside one week of hitting the market, up from 30% throughout the identical interval a 12 months earlier. That is additionally an all-time excessive for this measure. In the course of the week ending February 21, 44% bought in a single week or much less.
- The typical sale-to-list value ratio, which measures how shut properties are promoting to their asking costs, elevated barely to 99.4%—1.6 share factors increased than a 12 months earlier and an all-time excessive. In the course of the week ending February 21, the ratio shot as much as 99.8%, additionally an all-time excessive.
- For the week ending February 21, the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for house excursions and different providers from Redfin brokers—was up 35% from the identical interval a 12 months in the past.
- Mortgage buy functions decreased 12% week over week (seasonally adjusted) and have been up 7% from a 12 months earlier (unadjusted) in the course of the week ending February 19. For the week ending February 25, 30-year mortgage charges elevated to 2.97%, the best degree since August.
“The housing market is now like a Soviet-era grocery store, with many of the cabinets empty,” stated Redfin CEO Glenn Kelman in remarks on Redfin’s This autumn earnings name this week. “Within the week main as much as this name, demand slackened for the primary time in months, most likely due to cross-country snowstorms. However previous to that, the tales we heard from our brokers have been harrowing, juicy and weird. Migrations are warping the space-time continuum of small-town economies. The affordability disaster that flowed like some big, unspent electrical cost from San Francisco to Seattle to Portland to Denver and to Boise is now reaching just about each city in North America, bringing dazzling prosperity but in addition new anxieties.”
To view the total report, together with charts and methodology, please go to: https://www.redfin.com/news/housing-market-update-polar-freeze/
Redfin (www.redfin.com) is a technology-powered residential actual property firm, redefining actual property within the shopper’s favor in a commission-driven business. We do that by integrating each step of the house shopping for and promoting course of and pairing our personal brokers with our personal know-how, making a service that’s quicker, higher and prices much less. We provide brokerage, iBuying, mortgage, and title providers, and we additionally run the nation’s #1 nationwide brokerage web site, providing a bunch of on-line instruments to customers, together with the Redfin Estimate. We symbolize folks shopping for and promoting properties in over 95 markets in america and Canada. Since our launch in 2006, now we have saved our prospects almost $1 billion and we have helped them purchase or promote greater than 310,000 properties value greater than $152 billion.
For extra info or to contact a neighborhood Redfin actual property agent, go to www.redfin.com. To study housing market developments and obtain information, go to the Redfin Data Center. To be added to Redfin’s press launch distribution record, e mail [email protected]. To view Redfin’s press middle, click here.
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