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The median home sale price is up 14% year-over-year according to a report from Redfin. The company's report also revealed a number of housing market takeaways, pointing towards sustained health in the housing industry. The report featured data from more than 400 U.s. metro areas during a 4-week period ending Jan. 10, 2021.
Redfin reported that pending home sales soared 35% year-over-year despite the fact that new listings of homes for sale were down 3% from the previous year. This marks the first time since July 2020, that new listings of homes for sales decreased.
"Buyers are likely disappointed by the lack of new homes listed in the past month," said Redfin chief economist Daryl Fairweather, according to the report. "But that's not stopping them from making offers on what is on the market, which is sending pending sales up. It's looking like 2021 will see a housing market frenzy that will rival what we experienced in 2020."
The number of active listings also fell 33% from 2020, marking a new all-time low. However, 38% of homes that went under contract received an accepted offer within the first two weeks on the market. That marks an 11% increase from the same period in 2020.
"Mortgage purchase applications increased 8% week-over-week (seasonally-adjusted) and were up 10% from a year earlier (unadjusted) during the week ending Jan. 8, 2021. For the week ending January 14, 30-year mortgage rates edged up to 2.79%," according to the report.