{"id":72408,"date":"2021-04-16T05:00:31","date_gmt":"2021-04-16T12:00:31","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72408"},"modified":"2022-10-26T13:02:43","modified_gmt":"2022-10-26T20:02:43","slug":"housing-market-update-home-prices-soar-17-percent","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-soar-17-percent\/","title":{"rendered":"Housing Market Update: Home Prices Surge 17% Amid Historic Housing Shortage"},"content":{"rendered":"<h2><i><span style=\"font-weight: 300;\">Homes are selling faster than ever, with the typical house getting snatched up in just 23 days.<\/span><\/i><\/h2>\n<h3><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas during the four-week period ending April 11:<\/span><\/h3>\n<p><b>Note:<\/b><span style=\"font-weight: 400;\"> At this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, we have broken this report into two sections: metrics that are OK to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019.<\/span><\/p>\n<p><b>Metrics to compare to 2020:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home-sale price increased 17% year over year to $341,250, an all-time high. Asking prices reached an all-time high of $353,750.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold during the period were on the market for a median of 23 days, the shortest time on market since 2012. This was 15 days fewer than the same period in 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">43% of homes sold for more than their list price, an all-time high. This was 17 percentage points higher than the same period a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased 2.1 percentage points year over year to an all-time high of 100.7%, meaning the average home sold for 0.7% more than its asking price.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">59% of homes that went under contract had an accepted offer within the first two weeks on the market. This is a new all-time high (Redfin\u2019s data for this measure goes back to 2012).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">46% of homes that went under contract had an accepted offer within <\/span><i><span style=\"font-weight: 400;\">one <\/span><\/i><span style=\"font-weight: 400;\">week of hitting the market, an all-time high.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Metrics to compare to 2019:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were up 22% from the same period in 2019.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale were down 13% from the same period in 2019.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) fell 47% from the same period in 2019 to a new all-time low.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cThe Easter holiday may have contributed to the latest decline in new listings, as many Americans were spending time with family instead of putting their homes on the market. The overall lack of homes for sale is limiting how much home sales can grow,\u201d said Redfin Lead Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Taylor Marr<\/span><\/a><span style=\"font-weight: 400;\">. \u201cHowever, Redfin\u2019s homebuyer demand index is up 4.3% from a month ago, revealing that house hunters are still out in full force. They\u2019re jumping on low mortgage rates, which are <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/#\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">sliding back down toward 3%<\/span><\/a><span style=\"font-weight: 400;\">, and bidding up prices of the homes that do hit the market. The good news for buyers is that they should start to see more homes listed now that Easter is behind us.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-72410\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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\/04\/2021-04-11_median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-72409\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-asking-price.png\" alt=\"Asking Prices on New Listings Up 18% From 2020\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_median-asking-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-72414\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_pending-sales.png\" alt=\"Pending Sales Up 65% From 2020, Up 22% From 2019\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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-72411\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_new-listings.png\" alt=\"New Listings of Homes Up 26% From 2020, Down 13% From 2019\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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-72418\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 41% From 2020\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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-72413\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-2-weeks.png\" alt=\"59% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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-72412\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-1-week.png\" alt=\"46% of Pending Sales Under Contract Within One Week\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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-72419\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_days-on-market.png\" alt=\"Days on Market Hit a Record Low of 23 Days\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_days-on-market.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_days-on-market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_days-on-market-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_days-on-market-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-72417\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sold-above-list.png\" alt=\"43% of Homes Sold Above List Price\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sold-above-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sold-above-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sold-above-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sold-above-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-72416\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Climbing Past 100%\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_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-72415\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_Redfin-homebuyer-demand-index2.png\" alt=\"Redfin Homebuyer Demand Index Up 130% From 2020, Up 68% From 2019\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_Redfin-homebuyer-demand-index2.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_Redfin-homebuyer-demand-index2-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_Redfin-homebuyer-demand-index2-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-11_Redfin-homebuyer-demand-index2-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices are continuing to soar thanks to a historic shortage of homes for sale.<\/p>\n","protected":false},"author":13505,"featured_media":72410,"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],"dashboard":[],"coauthors":[62],"class_list":["post-72408","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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Home Prices Keep Soaring, Up 17% From 2020<\/title>\n<meta name=\"description\" content=\"Housing prices are soaring due to an historic shortage of homes for sale, and properties are selling at a record pace.\" \/>\n<meta name=\"robots\" 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