{"id":73677,"date":"2022-01-13T07:04:03","date_gmt":"2022-01-13T15:04:03","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=73677"},"modified":"2022-10-26T13:02:12","modified_gmt":"2022-10-26T20:02:12","slug":"housing-market-update-new-high-home-price-january","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-high-home-price-january\/","title":{"rendered":"Housing Market Update: Home Prices Start New Year at New High"},"content":{"rendered":"

January is shaping up to be the most competitive month in housing history.<\/h2>\n

The median home sale price surged 16% year over year during the week ending January 9 to an all-time high of $365,000. Prices keep climbing because the supply drought keeps deepening while demand increases. The number of homes for sale fell to a new low as listings hit the market at a slower rate than they did early last year. Yet homebuyer activity–as measured by the Redfin Homebuyer Demand Index–jumped 9%. Mortgage rates rose to 3.45% during the seven days ending January 13, making homebuying more expensive as overall inflation hit a 40-year high.<\/p>\n

\u201cThe stage is now set for the most competitive January housing market in recorded history,\u201d said Redfin Chief Economist Daryl Fairweather<\/a>. \u201cBuyers are pouring into the market to claim a home before mortgage rates rise further as new listings slow to a trickle. The conditions are becoming increasingly challenging for first-time homebuyers, who will have to compete against more experienced buyers who are willing to do whatever it takes to win. But I expect that by the time mortgage rates increase to 3.6%, competition will settle down quickly to levels similar to late-2018.\u201d<\/p>\n

\u00a0\u201cHomebuyers are touring nearly every home that comes on the market, waiving every contingency, offering $100,000 over asking price, and still losing out to 9+ other offers,\u201d said Portland Redfin real estate agent <\/span>Jennifer Ciacci<\/span><\/a>. \u201cAs competitive as the market is right now, I advise buyers not to write an offer on a home they don\u2019t really like. The home needs to work for what they want and need, and if it checks off those boxes, that’s when you go all-in and take your best shot. But protect your heart; this isn’t an easy market.”<\/span><\/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 January 9<\/strong>. Redfin\u2019s housing market data goes back through 2012.<\/p>\n

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