Newly Listed Homes For Sale Post Smallest Decline Since Mid-November

According to the latest report from Redfin, the Seattle-based, technology-powered real estate firm, during the four weeks ending February 20, 2022, the number of newly listed homes for sale was down “just” -2% year-over-year. That is the smallest decline since mid-November.

The additional listings were met with strong demand. For the first time since mid-January, pending home sales rose 1%. The market again set new record highs for home sales prices, with the median home sale price up 15% year-over-year to $358,750, which is 32% above the same time period in 2020. The asking price also set a new record, with the median asking price of newly listed homes increasing 15% year-over-year to an all-time high of $385,327, which is 27% above the same period in 2020.

Also setting new record highs were buyers mortgage payments and the share of homes selling within days of hitting the market. At the same time, a new all-time record low was set for the total number of homes on the market for sale.

In a statement prepared for the release of the report, Taylor Marr, Redfin’s Deputy Chief Economist said, “The good news for homebuyers is that each week more homes are being listed for sale. There is growing evidence that January’s dramatic drop in new listings was only a temporary blip driven by heavy winter storms and the spike in Covid cases, so homebuyers may have some hope for better selection in the coming spring season.”