Redfin, the Seattle-based technology powered real estate brokerage, is reporting that for the 4-week period ending on May 23, 2021, a record high of 51% of homes sold for more than their list price — up from 26% from a year ago. In a year-over-year comparison, Redfin noted that sales during the time period were up 24%, a new record and also at a new record level was the median home sales price of $354,250. 57% of homes that went under contract had an accepted offer within the first two weeks on the market. 44% of homes that went under contract had an accepted offer within one week of hitting the market. And finally, the average home sold for 1.9% more than its asking price.
In a statement prepared for the release of the report Redfin’s Chief Economist, Daryl Fairweather said, “We are seeing a typical late-spring slowdown in new listings and pending sales. However, prices don’t typically peak until late August, and their growth remains completely unhinged. The fact that homes keep selling for more and more above asking prices goes to show that many more people want a home than there are homes for sale. I don’t see that changing until mortgage rates increase, which will likely happen later this year. But until then, the housing market will remain red-hot.”
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Over Half of Homes Are Selling Above List Price, Up From 1 in 4 a Year Ago