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Last updated on February 3rd, 2021 at 11:05 am
According to Chief Economist of Redfin, Daryl Fairweather’s statement in a press release, “Home price growth this high is making the housing market especially difficult for first-time homebuyers right now.
Rising prices are just one more reason for people to leave expensive urban neighborhoods behind.
Noting that those urban expats are pushing up the home prices in the relatively affordable areas she also said ”Price growth may slow down in 2021, but even if it does, high prices are going to continue to make affordability a concern for buyers.”
Median home prices have hit an all-time high. It has averaged $319,171, up 13% compared to the same period in 2019. It’s the largest year-over-year gain since October 2013.
Though the year-over-year decline in housing supply has been at the same level for the past couple of months, new listings were up by 9% compared to last year to an average of 86,986.
This the most in any four weeks period since Dec. 20, 2015, but the number of active listings overall during that time frame fell 28% from the year before.
Half of the sellers whose homes went into contract during this time frame, 46.4%, had an accepted offer within the first two weeks after going on the market.
This is the highest percentage of sellers since 2012. Last year it was 31.8%, there was only 10% of another bid for the purchase of a home on the market.
With regards to the average sale to list price ratio, which is how home sales are happening in regards to the asking price has increased to 99.3%, compared to last year which was 98.3%.
Reference Source: National Mortgage News
