Skip to main content

Redfin: Median Home-Sale Price Hits Record High, Homes Sell At Record Pace

Navi Persaud
Apr 12, 2021
Photo of a suburban house.

Data from Redfin showed that the median home-sale price increased 17% year-over-year to an all-time high of $338,225. Additionally, the company reported that 59% of homes that went under contract had an accepted offer within the first two weeks on the market, yet another all-time high since the company began tracking this measure in 2012. While these numbers are impressive, Redfin notes that these numbers do not necessarily reflect how the housing market has changed over the past year, due to the fact that this time last year, stay-at-home orders pretty much halted both home-buying and selling activity.

"The housing market is more competitive than we've ever seen it, but a couple indicators are causing us to ask whether we're nearing a peak in terms of how fast demand and prices can grow," said Redfin chief economist Daryl Fairweather. "Sellers' asking prices may be starting to flatten in what so far appears to follow a typical seasonal pattern. And the drop in mortgage purchase applications tells me that some buyers are dropping out due to the lack of affordable homes for sale. If these trends continue we can feel more assured that we are not in the midst of runaway home price speculation or a housing bubble."

According to the report, asking prices of newly listed homes rose 16% year-over-year to $351,851, an all-time high. However, asking prices of newly listed homes were flat from the four-week period ending March 28. Pending home sales are up 47% from the same period in 2020 and up 24% from the same period in 2019.

Additionally, 42% of homes sold for more than their list price, an all-time high. This is 16 percentage points higher than the same period a year earlier, and 20 points higher than the same period in 2019. Also, the average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 100.5%, an all-time high and 2 percentage points higher than a year earlier.

Click here to read more from the Redfin report. 

Apr 12, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021