{"id":71875,"date":"2021-01-08T05:00:31","date_gmt":"2021-01-08T13:00:31","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71875"},"modified":"2022-10-26T13:02:55","modified_gmt":"2022-10-26T20:02:55","slug":"housing-market-prices-up-13","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-prices-up-13\/","title":{"rendered":"Housing Market Update: Home Prices Up 13%, Pending Sales Rise 38%"},"content":{"rendered":"<h2 style=\"font-style: italic;\">New listings were up just 7% and total active listings were down 32% from 2020.<\/h2>\n<h3>Key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending January 3:<\/h3>\n<ul>\n<li>The median home sale price increased 13% year over year to $319,000.<\/li>\n<li>Pending home sales were up 38% year over year.<\/li>\n<li>New listings of homes for sale were up 7% from a year earlier\u2014the smallest increase since July.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 32% from 2020 to a new all-time low.<\/li>\n<li>38% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 25% rate during the same period a year ago.<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined slightly to 99.3%\u2014still 1.5 percentage points higher than a year earlier.<\/li>\n<li>For the week ending January 3, the seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other services from Redfin agents\u2014was up 32% from pre-pandemic levels in January and February of 2020.<\/li>\n<li>For the week ending January 7, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates fell to another new record low of 2.65%<\/a>.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cThe economy faces new challenges in the next few weeks, which are likely to see continued political instability and rising coronavirus cases,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Redfin chief economist Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cStill, it\u2019s unlikely that either will have a meaningful or long-term impact on homebuying demand, which, already extremely strong, is now bolstered by even lower mortgage rates. Migration and progressive economic policies will shape the housing market in the months to come. The recent migration of Americans to affordable places like <\/span><a href=\"https:\/\/www.redfin.com\/news\/2020-election-migration-atlanta-georgia\/\"><span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0 <\/span><a href=\"https:\/\/www.redfin.com\/news\/2020-election-migration-arizona-georgia\/\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/suburbs-demographics-more-diverse-liberal\/\"><span style=\"font-weight: 400;\">suburbs across the country<\/span><\/a><span style=\"font-weight: 400;\"> has contributed to what will be a major change in fiscal and economic policy starting on January 20. While more government spending could lead to moderate mortgage-rate increases, it will also likely include programs to make homeownership affordable to more people.\u201d\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-71876\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_median-sale-price.png\" alt=\"Home Sale Prices Up 13% to Start 2021\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-71879\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_pending-sales.png\" alt=\"Pending Sales Up 38% From a Year Earlier\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-71877\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_new-listings.png\" alt=\"New Listings of Homes Up 7% From Last Year\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-71881\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 32% From 2020\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-71878\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_off-market-in-2-weeks.png\" alt=\"38% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-71880\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Declined to 99.3%\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-03_sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even in the midst of winter, the market is still very competitive, with prices up 13%, and pending sales up 38%.<\/p>\n","protected":false},"author":13505,"featured_media":71876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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