Redfin, the Seattle-based, technology-powered real estate brokerage firm is reporting that the median home sales price rose 14.6% year-over-year to a new all-time record of $ 361,171 during the 4-week period ending 12-26-21. This comes as the number of homes for sale fell to a new record low during the same time period.
The report also revealed that new listings and pending sales both dropped to their lowest levels since January 2021, and touring activity was down compared with the same period in 2019 and 2020.
In a statement prepared to accompany the release of the report, Redfin’s Deputy Chief Economist Taylor Marr said, “The holiday effect of homebuyers and sellers diverting their time and attention toward travel and celebrations was even more extreme than during the pre-pandemic Christmas week of 2019. We see this slowdown as a temporary consequence of the holidays, and not as an indication that homebuyer demand is backing off. Those who did purchase homes over the holidays paid high prices due to the ongoing supply shortage.”
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Redfin Reports Home Prices Rise to New Record High