{"id":72275,"date":"2021-03-19T05:00:51","date_gmt":"2021-03-19T12:00:51","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72275"},"modified":"2022-10-26T13:02:47","modified_gmt":"2022-10-26T20:02:47","slug":"housing-market-update-one-year-pandemic","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-one-year-pandemic\/","title":{"rendered":"Housing Market Update: Home Prices Post 17% Annual Gain, Largest in at Least 5 Years"},"content":{"rendered":"<h2 style=\"font-style: italic;\">The number of homes for sale fell 42% compared with the last four weeks before the 2020 coronavirus shutdowns began.<\/h2>\n<h3>Key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending March 14:<\/h3>\n<p><strong>Note:<\/strong> We are now entering the period where our comparisons to a year ago are during the steep decline in homebuying demand at the start of the pandemic, so many housing demand measures will begin to show very large year-over-year increases in the coming weeks.<\/p>\n<ul>\n<li>The median home-sale price increased 17% year over year to $330,250, 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 $350,972, up 10% from the same time a year ago.<\/li>\n<li>Pending home sales were up 21% year over year, the smallest increase since August.<\/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 42% 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>57% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 46% 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 14, 61% 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 14, 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 100.0%\u20141.8 percentage points higher than a year earlier, an all-time high and the first time since this data series began in 2016 that the four-week average has exceeded 100% nationwide.<\/li>\n<li>For the 7-day period ending March 14, the seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other services from Redfin agents\u2014was up 85% from the same period a year ago, when the housing market was dramatically slowing down at the start of the pandemic.<\/li>\n<li><a href=\"https:\/\/www.mba.org\/2021-press-releases\/march\/mortgage-applications-decrease-in-latest-mba-weekly-survey-x277674\">Mortgage purchase applications increased 2% week over week<\/a> (seasonally adjusted) and were up 5% from a year earlier (unadjusted) during the week ending March 12. For the week ending March 18, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates increased to 3.09%<\/a>, the highest level since June.<\/li>\n<\/ul>\n<p>&#8220;This time last year, the housing market was shutting down as many cities implemented strict shelter in place orders. A year later the pandemic is still with us, but the housing market is red-hot. It\u2019s so hot some buyers are acting irrationally,&#8221; said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. &#8220;Some people are willing to do whatever it takes to win a bidding war to the point they may be overpaying. Still, I wouldn\u2019t call this a housing bubble because the demand for homes is truly there and the buyers can afford these high prices. Bubbles burst; I don\u2019t see that happening. The best hope buyers have is that home prices start to grow at a slower pace, but I don\u2019t expect prices to fall.&#8221;<\/p>\n<p>Refer to our <a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\">metrics definition page<\/a> for explanations of all the metrics used in this report.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-72277\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-sale-price.png\" alt=\"Home Sale Prices Up 17% From 2020\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-72276\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-asking-price.png\" alt=\"Asking Prices on New Listings Hit a New High\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_median-asking-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-72281\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_pending-sales.png\" alt=\"Pending Sales Up 21% From a Year Earlier\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-72278\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_new-listings.png\" alt=\"New Listings of Homes Down 17% From Last Year\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_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-72284\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 42% From 2020\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_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-72280\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-2-weeks.png\" alt=\"57% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_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-72279\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-1-week.png\" alt=\"44% of Pending Sales Under Contract Within One Week\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_off-market-in-1-week-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-72283\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Passes 100% for the First Time\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-72282\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_Redfin-homebuyer-demand-index.png\" alt=\"Redfin Homebuyer Demand Index Up 85% From 2020\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_Redfin-homebuyer-demand-index.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_Redfin-homebuyer-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_Redfin-homebuyer-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/03\/2021-03-14_Redfin-homebuyer-demand-index-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The housing market continued to power through the end of winter as home prices rose 17% from last year.<\/p>\n","protected":false},"author":13505,"featured_media":72277,"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-72275","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: Home Prices Post 17% Annual Gain, Largest in at Least 5 Years<\/title>\n<meta name=\"description\" content=\"The housing market continued to power through the end of winter as home prices rose 17% from last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-one-year-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: Home Prices Post 17% Annual Gain, Largest in at Least 5 Years\" \/>\n<meta property=\"og:description\" content=\"The housing market continued to power through the end of winter as home prices rose 17% from last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-one-year-pandemic\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-19T12:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" 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