Median Home Sales Price Increase 16% Year-Over-Year While Listing Fall 42%

According to Redfin, the technology-powered real estate brokerage, for the past 4-week period, which ended on March 21, the median home sales price increased year-over-year (YOY) by 16% to an all-time high record of $331,590. Other highlights for the period include: 1) New listings of homes for sale down 12% YOY; 2) 39% of homes sold above their list price, an all-time high and 15 percentage points higher than the same period a year earlier; 3) Active listings (the number of homes listed for sale at any point during the period) fell -42% from 2020 to a new all-time low; and 4) During the 7-day period ending March 21, 48% of homes sold in one week or less after being listed. In prepared remarks for the reports release Daryl Fairweather, Redfin’s Chief Economist said, “It’s concerning how much home prices have risen during the pandemic. When the pandemic is over, purchasing a home is going to cost much more than ever before, putting homeownership much further out of reach for many Americans. That means a future in which most Americans will not have the opportunity to build wealth through home equity, which will worsen inequality in our society.”