{"id":72496,"date":"2021-04-30T05:30:37","date_gmt":"2021-04-30T12:30:37","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72496"},"modified":"2022-10-26T13:02:41","modified_gmt":"2022-10-26T20:02:41","slug":"housing-market-update-home-prices-up-20-pct","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-up-20-pct\/","title":{"rendered":"Housing Market Update: Home Prices Climb to New Heights as Spring Brings Little Relief to Buyers Awaiting a Supply Boost"},"content":{"rendered":"<h2 style=\"font-style:italic;\">The average home spent just 20 days on the market before selling, a record low, and new listings of homes for sale were down 12% from 2019.<\/h2>\n<h3>Key housing market takeaways for 400+ U.S. metro areas:<\/h3>\n<p>Unless otherwise noted, this data covers <strong>the four-week period ending April 25<\/strong>.<\/p>\n<p><strong>Note:<\/strong> 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.<\/p>\n<h4>Metrics to compare to 2020:<\/h4>\n<ul>\n<li>The median home-sale price increased 20% year over year to $347,500, an all-time high. Note that this number is somewhat inflated due to a slight dip in median sale prices around this time in 2020, and due to fewer high-end homes being sold at this time a year ago, and more high-end homes being sold now. Asking prices reached an all-time high of $357,200.<\/li>\n<li>Homes that sold during the period were on the market for a median of 20 days, down 16 days from the same period in 2020 and the shortest time on market since at least 2012.<\/li>\n<li>An all-time high 46% of homes sold for more than their list price, up 19 percentage points from the same period a year earlier.<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased 2.5 percentage points year over year to an all-time high of 101.2%, meaning the average home sold for 1.2% more than its asking price.<\/li>\n<li>58% of homes that went under contract had an accepted offer within the first two weeks on the market. This was a new all-time high since at least 2012.<\/li>\n<li>46% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high.<\/li>\n<\/ul>\n<h4>Metrics to compare to 2019:<\/h4>\n<ul>\n<li>Pending home sales were up 23% from the same period in 2019.<\/li>\n<li>New listings of homes for sale were down 12% from the same period in 2019. New listings were up 2% from the four-week period ending March 28. The small boost in the number of new listings fell far short of the 12% increase during the same period in 2019.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 48% from the same period in 2019 to a new all-time low.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.mba.org\/2021-press-releases\/april\/mortgage-applications-decrease-in-latest-mba-weekly-survey-x279239\">Mortgage purchase applications decreased 5% week over week<\/a> (seasonally adjusted). For the week ending April 29, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates increased slightly to 2.98%<\/a>.<\/p>\n<p>\u201cI am concerned about how we as a society are going to reckon with just how expensive housing has become,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cBut I\u2019m not worried about a housing crash because these sky-high prices are supported by the new reality of well-funded buyers who are often benefiting from newfound mobility via remote work. As the economy recovers, we have the opportunity to reimagine our country&#8217;s role in supporting a healthy housing market. For instance, we can subsidize construction of affordable homes or support first-time homebuyers in underserved communities. We have our work cut out for us when it comes to ensuring homeownership is attainable for middle-class Americans with good jobs and money saved up, not just for the wealthiest among us.\u201d<\/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\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-sale-price.png\" alt=\"Home Sale Prices Up 20% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72503\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_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\/04\/2021-04-25_median-asking-price.png\" alt=\"Asking Prices on New Listings Up 19% From 2020\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72502\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_median-asking-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\/04\/2021-04-25_pending-sales.png\" alt=\"Pending Sales Up 83% From 2020, Up 23% From 2019\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72507\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_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\/04\/2021-04-25_new-listings2.png\" alt=\"New Listings of Homes Up 51% From 2020, Down 12% From 2019\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72508\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_new-listings2.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_new-listings2-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_new-listings2-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_new-listings2-768x576.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\/04\/2021-04-25_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 39% From 2020, Down 48% From 2019\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72500\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_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\/04\/2021-04-25_off-market-in-2-weeks.png\" alt=\"58% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72506\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_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\/04\/2021-04-25_off-market-in-1-week.png\" alt=\"46% of Pending Sales Under Contract Within One Week\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72505\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_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\/04\/2021-04-25_days-on-market.png\" alt=\"Days on Market Hit a Record Low of 20 Days\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72501\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_days-on-market.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_days-on-market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_days-on-market-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_days-on-market-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\/04\/2021-04-25_sold-above-list.png\" alt=\"46% of Homes Sold Above List Price\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72499\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sold-above-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sold-above-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sold-above-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sold-above-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\/04\/2021-04-25_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Climbing Past 100%\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72498\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_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\/04\/2021-04-25_Redfin-homebuyer-demand-index.png\" alt=\"Redfin Homebuyer Demand Index Up 71% From 2020, Up 61% From 2019\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-72497\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_Redfin-homebuyer-demand-index.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_Redfin-homebuyer-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_Redfin-homebuyer-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/04\/2021-04-25_Redfin-homebuyer-demand-index-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices were up 20% from the brief dip at the beginning of the pandemic last year, as new listings continued to be in short supply.<\/p>\n","protected":false},"author":13505,"featured_media":72508,"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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