Home sales are up and prices continue to be up across the nation, according to the latest monthly report released by Redfin.
“Sellers took the week off for Thanksgiving, but buyers were still out there searching for homes despite the lack of new listings,” Redfin chief economist Daryl Fairweather said. “Sellers continue to be in the driver’s seat when it comes to pricing. And with mortgage rates hitting new record lows nearly every week recently, buyers are tolerant of higher prices.”
Redfin’s survey of more than 400 US metro areas found:
- The median home sale price increased 16 percent year over year to $322,828, the highest on record.
- Pending home sales were up 28 percent over last year.
- New listings of homes for sale were up 9 percent from 2019.
- Active listings fell 29 percent from 2019 to a new all-time low.
- 42 percent of homes that went under contract had an accepted offer within the first two weeks on the market.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.5 percent, also an all-time high.
“The lack of new listings will put a lid on home sales through the end of year,” Fairweather said. “The few desirable homes put on the market will receive competitive bids, while sellers who don’t get any bites from buyers will give up and take their homes off the market.”