{"id":71983,"date":"2021-01-29T05:00:42","date_gmt":"2021-01-29T13:00:42","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71983"},"modified":"2022-10-26T13:02:53","modified_gmt":"2022-10-26T20:02:53","slug":"housing-market-update-55pct-of-sales-within-2-weeks","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-55pct-of-sales-within-2-weeks\/","title":{"rendered":"Housing Market Update: 55% of Homes Under Contract Within 2 Weeks, a New Record"},"content":{"rendered":"<h2 style=\"font-style:italic;\">Last week saw the largest share of pending homes find buyers within 14 days in at least 9 years. In the last 4 weeks, new listings fell 12% from a year ago\u2014the largest decline since May\u2014home prices rose 15% and pending sales were up 30%.<\/h2>\n<h3>Key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending January 24:<\/h3>\n<ul>\n<li>The median home sale price increased 15% year over year to $318,280. In the week ending January 24, the median price was up 18% from the same period last year.<\/li>\n<li>Pending home sales were up 30% year over year.<\/li>\n<li>New listings of homes for sale were down 12% from a year earlier\u2014the largest decline since May.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 35% from 2020 to a new all-time low.<\/li>\n<li>43% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 35% rate during the same period a year ago. During the week ending January 24, this measure hit 55%\u2014the highest point since at least 2012 (as far back as Redfin\u2019s data for this measure goes).<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased slightly to 99.3%\u20141.6 percentage points higher than a year earlier.<\/li>\n<li>For the week ending January 24, the seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other services from Redfin agents\u2014was up 60% from pre-pandemic levels in January and February of 2020\u2014the highest level on record.<\/li>\n<li><a href=\"https:\/\/www.mba.org\/2021-press-releases\/january\/mortgage-applications-decrease-in-latest-mba-weekly-survey-x276095\">Mortgage purchase applications decreased 4% week over week<\/a> (seasonally-adjusted) and were up 16% from a year earlier (unadjusted) during the week ending January 22. For the week ending January 28, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates declined to 2.73%<\/a>.<\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks_weekly.png\" alt=\"55% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71988\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks_weekly.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks_weekly-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks_weekly-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks_weekly-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>\u201cBuyers are incredibly hungry for listings, but unfortunately there isn\u2019t much to choose from, and that scarcity is making buyers all the more frenzied,\u201d said <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Redfin chief economist Daryl Fairweather<\/a>. \u201cAs a result, the majority of the homes that hit the market are getting multiple offers right away. Not only do you have to be fast to win a home, you have to be prepared and resourceful. I recommend that buyers on a tight budget target homes that are priced 5 to 10 percent below their maximum price so they have room to increase their offer in a bidding war.\u201d<\/p>\n<p>\u201cThe inventory is there; it\u2019s lying in wait,\u201d said Seattle Redfin real estate agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/scott-petrich\">Scott Petrich<\/a>. \u201cNow that the end of the pandemic is in sight, people will gradually start listing homes for sale. And once more companies and workplaces start calling employees back to the office, some homebuyer demand will shift back toward apartments and townhomes. Right now all the pressure is on single-family, suburban homes.\u201d<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_median-sale-price.png\" alt=\"Home Sale Prices Up 15% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71985\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__pending-sales.png\" alt=\"Pending Sales Up 30% From a Year Earlier\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71989\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_new-listings.png\" alt=\"New Listings of Homes Down 12% From Last Year\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71986\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 35% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71984\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24_active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks.png\" alt=\"43% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71987\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__sale-to-list.png\" alt=\"Sale-to-List Price Ratio Up 1.6 Points From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-71990\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/01\/2021-01-24__sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week saw a surge in homebuying demand as homes sold faster than ever.<\/p>\n","protected":false},"author":13505,"featured_media":71988,"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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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60,8,615],"tags":[9,32],"coauthors":[62],"class_list":["post-71983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","category-weekly-market-update","tag-coronavirus","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: 55% of Homes Under Contract Within 2 Weeks, a New Record<\/title>\n<meta name=\"description\" content=\"Last week saw a surge in homebuying demand as homes sold faster than ever.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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