Home Prices Climb to New Heights
The median home-sale price increased 20% year over year in April, to $347,500—an all-time high—according to a new report from real estate brokerage Redfin.
This number is somewhat inflated due to a slight dip in median sale prices around this time in 2020, and due to fewer high-end homes being sold at this time a year ago, and more high-end homes being sold now.
Note that at this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics.
As such, Redfin has broken this analysis into two sections: metrics that are acceptable to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019.
An all-time high 46% of homes sold for more than their list price, up 19 percentage points from 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 2.5 percentage points year over year to an all-time high of 101.2%, meaning the average home sold for 1.2% more than its asking price.
58% of homes that went under contract had an accepted offer within the first two weeks on the market. This was a new all-time high since at least 2012.
46% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high.
Pending home sales were up 23% from the same period in 2019.
Find out more at https://www.redfin.com
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