{"id":73590,"date":"2021-12-22T11:00:21","date_gmt":"2021-12-22T19:00:21","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=73590"},"modified":"2022-10-26T13:02:14","modified_gmt":"2022-10-26T20:02:14","slug":"housing-market-update-home-prices-record-december","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-december\/","title":{"rendered":"Housing Market Update: Home Prices Rise to All-Time High"},"content":{"rendered":"

The number of homes for sale fell to an all-time low, down 25% from a year earlier.<\/h2>\n

The median home sale price rose 15% year over year to an all-time high of $360,500 during the four-week period ending December 19. Pending sales rose 0.1%, the smallest year-over-year increase since June 2020. Sales activity is constricted by supply, not demand; the number of homes for sale fell 26% to an all-time low.<\/p>\n

\u201cAs the number of homes for sale drops to a new all-time low every week, homebuyers have a sense that the well is running dry,\u201d said Redfin Chief Economist Daryl Fairweather<\/a>. \u201cFewer homes are selling because of a lack of supply, while demand remains strong. That\u2019s why home prices continue to climb higher and higher. But once mortgage rates increase in 2022, I expect the rate of price growth to slow down significantly<\/a>.\u201d<\/p>\n

Key housing market takeaways for 400+ U.S. metro areas:<\/h3>\n

Unless otherwise noted, the data in this report covers the four-week period ending December 19<\/strong>. Redfin\u2019s housing market data goes back through 2012. Comparing today\u2019s market with the pre-pandemic fall market of 2019 highlights how hot the market remains, even as most measures are settling into typical seasonal patterns.<\/p>\n

Data based on homes listed and\/or sold during the period:<\/h4>\n