Newly Listed Homes For Sale Hit New All-Time Record High During 4-week Period Ending February 21, 2021

Redfin, the Seattle-based technology-powered residential real estate company, is reporting for the 4-week period ending February 21, 2021, the average asking prices of newly listed homes hit a new all-time high of $343,961, up 11% year-over-year. New listings of homes for sale dropped -17% from a year earlier. 55% of homes that went under contract had an accepted offer within the first two weeks of being on the market, exceeding the 44% rated from a year earlier. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased slightly to 99.4%—1.6% points higher than a year earlier and an all-time high. During the week ending February 21, the ratio shot up to 99.8%, also an all-time high. Redfin CEO Glenn Kelman, in their Q4 earnings report said, “The housing market is now like a Soviet-era supermarket, with most of the shelves empty.” Kelman noted that demand slackened for the first time in months, probably because of cross-country snowstorms, but has since quickly bounced back and moved even higher.