Redfin Reports Household Rates Surge 17% Amid Historic Housing Scarcity

SEATTLE, April 16, 2021 /PRNewswire/ — (NASDAQ: RDFN) — The median household-sale selling price improved 17% year about calendar year to $341,250—an all-time high—according to a new report from Redfin (redfin.com), the engineering-powered actual estate brokerage.

Under are other vital housing market place takeaways for additional than 400 U.S. metro places for the duration of the 4-7 days time period ending April 11.

Be aware that at this time last calendar year, pandemic remain-at-household orders halted homebuying and offering, which can make yr-above-calendar year comparisons unreliable for decide on housing metrics. As these kinds of, Redfin has damaged this examination into two sections: metrics that are appropriate to look at to the identical period of time in 2020, and metrics for which it can make more sense to look at to the exact same period in 2019.

Metrics to look at to 2020:

• Inquiring selling prices achieved an all-time large of $353,750.
• Properties that marketed through the period of time were being on the sector for a median of 23 times, the shortest time on sector since 2012. This was 15 days much less than the similar period of time in 2020.
• 43% of homes offered for a lot more than their listing selling price, an all-time superior. This was 17 share details bigger than the exact period of time a calendar year earlier.
• The regular sale-to-record price tag ratio—which measures how shut houses are selling to their inquiring prices—increased 2.1 percentage points year over 12 months to an all-time superior of 100.7%, that means the average dwelling sold for .7% extra than its inquiring rate.
• 59% of homes that went underneath deal experienced an acknowledged give in just the 1st two weeks on the sector. This is a new all-time significant (Redfin’s knowledge for this evaluate goes back to 2012).
• 46% of homes that went less than contract had an accepted offer you inside one 7 days of hitting the industry, an all-time large.

Metrics to assess to 2019:

• Pending household gross sales have been up 22% from the exact same period in 2019.
• New listings of properties for sale have been down 13% from the very same period in 2019.
• Lively listings (the selection of houses mentioned for sale at any level during the interval) fell 47% from the identical period of time in 2019 to a new all-time small.

“The Easter getaway might have contributed to the most recent decrease in new listings, as many Us residents have been paying out time with loved ones in its place of putting their properties on the current market. The overall absence of households for sale is restricting how much household gross sales can grow,” mentioned Redfin Lead Economist Taylor Marr. “However, Redfin’s homebuyer demand from customers index is up 4.3% from a month back, revealing that residence hunters are continue to out in complete drive. They’re leaping on reduced home loan fees, which are sliding back down towards 3%, and bidding up selling prices of the houses that do hit the sector. The good information for prospective buyers is that they should really commence to see extra households mentioned now that Easter is at the rear of us.”

To check out the entire report, including charts and methodology, you should go to: https://www.redfin.com/news/housing-sector-update-home-selling prices-soar-17-per cent/

About Redfin
Redfin (www.redfin.com) is a engineering-run real estate broker, fast home-consumer (iBuyer), loan company, title insurer, and renovations corporation. We provide households for a lot more dollars and demand half the payment. We also operate the country’s #1 actual-estate brokerage internet site. Our dwelling-obtaining buyers see homes 1st with on-need tours, and our lending and title expert services enable them close swiftly. Shoppers offering a dwelling can choose an fast income give from Redfin or have our renovations crew take care of up their home to provide for top greenback. Given that launching in 2006, we’ve saved consumers virtually $1 billion in commissions. We provide additional than 95 markets throughout the U.S. and Canada and make use of more than 4,100 people today.

For extra information and facts or to call a area Redfin genuine estate agent, go to www.redfin.com. To find out about housing sector trends and obtain info, stop by the Redfin Knowledge Heart. To be extra to Redfin’s push launch distribution list, e mail [email protected]. To look at Redfin’s press middle, simply click right here.

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