U.S. property dealer Redfin is reporting this week that the median home-sale value elevated 18% yr over yr to $344,625–an all-time excessive.
Mortgage buy purposes elevated 6% week over week (seasonally adjusted). For the week ending April 22, 30-year mortgage charges fell to 2.97%, the bottom stage for the reason that week ending February 25.
“There was an ongoing debate at Redfin about whether or not worry of coronavirus an infection was conserving owners from promoting. With a 3rd of American adults now totally vaccinated and nonetheless hardly any properties being listed on the market, we’re near settling that debate,” mentioned Redfin Chief Economist Daryl Fairweather.
“Householders are staying put as a result of in the event that they transfer and purchase one other house they may face a really aggressive housing market as patrons, and so they needn’t promote to make the most of report low mortgage charges. They will simply refinance their present house. On high of that, builders are struggling to assemble new properties given an ongoing lumber scarcity. With out extra owners itemizing, patrons are scrambling to compete for the restricted variety of properties in the marketplace, which continues to drive costs as much as new heights.”
Under are different key housing market takeaways for greater than 400 U.S. metro areas throughout the 4-week interval ending April 18, 2021.
Metrics to check to 2020:
- Asking costs reached an all-time excessive of $356,175.
- Houses that offered throughout the interval had been in the marketplace for a median of 21 days, the shortest time on market since 2012. This was 16 days fewer than the identical interval in 2020.
- 45% of properties offered for greater than their checklist value, an all-time excessive. This was 18 proportion factors greater than the identical interval a yr earlier.
- The common sale-to-list value ratio, which measures how shut properties are promoting to their asking costs, elevated 2.3 proportion factors yr over yr to an all-time excessive of 101.0%, that means the common house offered for 1% greater than its asking value.
- 58% of properties that went beneath contract had an accepted provide throughout the first two weeks in the marketplace. This was a brand new all-time excessive (Redfin’s knowledge for this measure goes again to 2012).
- 46% of properties that went beneath contract had an accepted provide inside one week of hitting the market, an all-time excessive.
Metrics to check to 2019
- Pending house gross sales had been up 23% from the identical interval in 2019.
- New listings of properties on the market had been down 10% from the identical interval in 2019.
- Lively listings (the variety of properties listed on the market at any level throughout the interval) fell 47% from the identical interval in 2019 to a brand new all-time low.