{"id":74090,"date":"2022-03-24T07:52:34","date_gmt":"2022-03-24T14:52:34","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74090"},"modified":"2022-10-26T13:02:05","modified_gmt":"2022-10-26T20:02:05","slug":"housing-market-update-home-prices-rise-most-since-summer","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-rise-most-since-summer\/","title":{"rendered":"Housing Market Update: Prices Reach New High as Few Americans Put Homes Up for Sale"},"content":{"rendered":"<h2><i><span style=\"font-weight: 300;\">Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition.<\/span><\/i><\/h2>\n<p><span style=\"font-weight: 400;\">Housing prices jumped the most since summer\u2014up 17% year over year to a new high\u2014as a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for over the asking price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWith so much uncertainty in the world and economy, it makes sense that homeowners are staying put,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cHigh prices and rising mortgage rates are a strong impediment even for homeowners who would ideally like to move to a better home. First-time homebuyers, on the other hand, are still seeking the security of homeownership despite the chaos of this market.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers <\/span><b>the four-week period ending March 20<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s housing market data goes back through 2012.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was up 17% year over year to a record high of $379,230, the biggest increase since the four weeks ending Aug.1, 2021. Prices were up 6% from 4 weeks prior.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes increased 15% year over year to $398,850.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median asking price home rose to a record high of $2,183 at the current 4.42% mortgage rate. This was up 28% from a year earlier, when mortgage rates were 3.17%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were up 1% year over year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale were down 7% from a year earlier.<\/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 23% year over year to an all-time low of 469,000.<\/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, an all-time high. This was up from the 53% rate of a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">45% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high. This was up from 41% during the same period a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 21 days, down from 31 days a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">50% of homes sold above list price, up from 39% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 2.8% of homes for sale each week had a price drop, up from 2.3% at the same time in 2021.<\/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, rose to 101.7%. In other words, the average home sold for 1.7% above its asking price. This was up from 100.0% in 2021.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Other leading indicators of homebuying activity:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage purchase applications <\/span><a href=\"https:\/\/www.mba.org\/2022-press-releases\/march\/mortgage-applications-decrease-in-latest-mba-weekly-survey-x295238\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decreased<\/span><\/a><span style=\"font-weight: 400;\"> 8% week over week (seasonally adjusted) during the week ending March 18.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For the week ending March 24, <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">30-year mortgage rates rose to 4.42.%<\/span><\/a><span style=\"font-weight: 400;\">\u2014the highest level since January 2019. This was up from 4.16% the prior week.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity from the first week of January through March 20 was 16 percentage points behind the same period in 2021, <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">according to home tour technology company ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Redfin Homebuyer Demand Index fell less than 1% from the previous week during the seven-day period ending March 20 and was up 6% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index is a measure of requests for home tours and other home-buying services from Redfin agents.<\/span><\/li>\n<\/ul>\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-74092\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_01-median-sale-price.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_01-median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_01-median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_01-median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_01-median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img decoding=\"async\" class=\"alignnone size-full wp-image-74093\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_02-median-asking-price.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_02-median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_02-median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_02-median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_02-median-asking-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img decoding=\"async\" class=\"alignnone size-full wp-image-74094\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-24-at-7.23.46-AM.png\" alt=\"\" width=\"1910\" height=\"1430\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-24-at-7.23.46-AM.png 1603w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-24-at-7.23.46-AM-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-24-at-7.23.46-AM-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-24-at-7.23.46-AM-768x575.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/Screen-Shot-2022-03-24-at-7.23.46-AM-1536x1150.png 1536w\" sizes=\"(max-width: 1910px) 100vw, 1910px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74095\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_04-pending-sales.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_04-pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_04-pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_04-pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_04-pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74096\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_05-new-listings.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_05-new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_05-new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_05-new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_05-new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74097\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_06-active-listings.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_06-active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_06-active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_06-active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_06-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-74098\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_07-off-market-in-2-weeks.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_07-off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_07-off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_07-off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_07-off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74099\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_08-off-market-in-1-week.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_08-off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_08-off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_08-off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_08-off-market-in-1-week-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74100\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_09-days-on-market.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_09-days-on-market.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_09-days-on-market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_09-days-on-market-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_09-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-74101\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_10-sold-above-list.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_10-sold-above-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_10-sold-above-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_10-sold-above-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_10-sold-above-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74102\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_11-price-drops.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_11-price-drops.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_11-price-drops-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_11-price-drops-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_11-price-drops-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74103\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_12-sale-to-list.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_12-sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_12-sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_12-sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_12-sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-74104\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_13-Redfin-homebuyer-demand-index.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_13-Redfin-homebuyer-demand-index.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_13-Redfin-homebuyer-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_13-Redfin-homebuyer-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/03\/2022-03-20_13-Redfin-homebuyer-demand-index-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition. Housing prices jumped the most since summer\u2014up 17% year over year to a new high\u2014as a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two [&hellip;]<\/p>\n","protected":false},"author":13505,"featured_media":74092,"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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","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":[8,615],"tags":[9,32],"dashboard":[],"coauthors":[62,125],"class_list":["post-74090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","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 Prices Hit New High as Few Americans Put Homes Up for Sale<\/title>\n<meta name=\"description\" content=\"Home prices jumped 17%, the most since summer, as a decline in new listings kept competition elevated amid rapidly rising mortgage rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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