{"id":72240,"date":"2021-03-12T05:00:55","date_gmt":"2021-03-12T13:00:55","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72240"},"modified":"2022-10-26T13:02:48","modified_gmt":"2022-10-26T20:02:48","slug":"housing-market-sale-to-list-over-100-pct","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-sale-to-list-over-100-pct\/","title":{"rendered":"Housing Market Update: Home Prices Increased a Record 17%, Pending Sales Up 19% From a Year Earlier"},"content":{"rendered":"<h2 style=\"font-style:italic;\">The average sale-to-list price ratio shot up to 100.1% nationwide, marking the first time on record the typical home has sold above its list price.<\/h2>\n<h3>Key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending March 7:<\/h3>\n<ul>\n<li>The median home-sale price increased 17% year over year to $328,350, an all-time high. This is the largest increase on record in this data set, which goes back through 2016.<\/li>\n<li>Asking prices of newly listed homes hit a new all-time high of $349,975, up 10% from the same time a year ago.<\/li>\n<li>Pending home sales were up 19% year over year and up 3% from the four-week period ending February 7. In the two weeks since pending sales dipped during the winter storms over the 7-day period ending February 21, the weekly number of pending sales is up 17%.<\/li>\n<li>New listings of homes for sale were down 17% from a year earlier.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 41% from 2020 to a new all-time low. This is the largest decrease on record in this data, which goes back through 2016.<\/li>\n<li>56% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 45% rate during the same period a year ago. This is another new all-time high for this measure since at least 2012 (as far back as Redfin\u2019s data for this measure goes). During the 7-day period ending March 7, 59% of homes sold in two weeks or less.<\/li>\n<li>44% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier. This is also an all-time high for this measure. During the 7-day period ending March 7, 48% sold in one week or less.<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 99.8%\u20141.7 percentage points higher than a year earlier and an all-time high. During the 7-day period ending March 7, the ratio shot up to 100.1%, the first time on record since this data series began in 2016 that the average home has sold for above its list price nationwide.<\/li>\n<li>For the 7-day period ending March 7, the seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other services from Redfin agents\u2014was up 55% from the same period a year ago.<\/li>\n<li><a href=\"https:\/\/www.mba.org\/2021-press-releases\/march\/mortgage-applications-decrease-in-latest-mba-weekly-survey\">Mortgage purchase applications increased 7% week over week<\/a> (seasonally adjusted) and were up 2% from a year earlier (unadjusted) during the week ending March 5. For the week ending March 11, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates increased to 3.05%<\/a>, the highest level since July.<\/li>\n<\/ul>\n<p>\u201cSellers\u2019 asking prices have marched upward every week this year. Buyers have learned that if they aren&#8217;t aggressive enough one week, they will have to bid higher on a home that\u2019s listed the following week,&#8221; said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. &#8220;This super competitive housing market has been fueled by rock-bottom mortgage rates, so home prices should start to grow at a slower rate as mortgage rates tick up.&#8221;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-1-week.png\" alt=\"Sale-to-List Price Ratio Passes 100%\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72245\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-1-week-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\/03\/2021-03-07_median-sale-price.png\" alt=\"Home Sale Prices Up 17% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72248\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_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\/03\/2021-03-07_median-asking-price.png\" alt=\"Asking Prices on New Listings Hit a New High\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72247\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_median-asking-price-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\/03\/2021-03-07_pending-sales.png\" alt=\"Pending Sales Up 19% From a Year Earlier\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72242\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_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\/03\/2021-03-07_new-listings.png\" alt=\"New Listings of Homes Down 17% From Last Year\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72249\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_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\/03\/2021-03-07_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 41% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72246\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_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\/03\/2021-03-07_off-market-in-2-weeks.png\" alt=\"56% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72241\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_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\/03\/2021-03-07_off-market-in-1-week.png\" alt=\"44% of Pending Sales Under Contract Within One Week\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72250\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_off-market-in-1-week-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\/03\/2021-03-07_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Up 1.7 Points From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72244\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_sale-to-list-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\/03\/2021-03-07_Redfin-homebuyer-demand-index.png\" alt=\"Redfin Homebuyer Demand Index Up 55% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72243\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_Redfin-homebuyer-demand-index.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_Redfin-homebuyer-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_Redfin-homebuyer-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-07_Redfin-homebuyer-demand-index-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average sale-to-list price ratio passed 100% for the first time as home prices surge.<\/p>\n","protected":false},"author":13505,"featured_media":72245,"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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