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Redfin reports that March was the hottest month in housing history, setting a slew of records for prices and selling speed since at least 2012. Due to the low supply of housing, a record year-over-year drop of 29% for the number of homes for sale, the national median home sale price hit a record high of $353,000, up 17% from 2020. After months of intense bidding wars, a record high of 42% of homes sold above their list price.
The report also shows the latest weekly data for April that suggests we may be seeing the beginning of seasonal slowing in the market. Year-over-year comparisons may also reflect how stay-at-homes stunted home buying and selling activity, rather than how the market has changed in the past year.
In all but two of the 85 largest metro areas Redfin tracks, Median sale prices increased from a year earlier. People who have been leaving the most expensive metro areas during the pandemic in search of more affordable living, have been buying houses in Austin, TX (+28%), Fresno, CA (+23%), and North Port, FL (+23%), which have also seen the largest price increases.
House sales declined in 11 metro areas, including Rochester, NY (-9%), Grand Rapids, MI (-9%), and Dayton, OH (-7%). The low number of sales in these areas is due largely to a lack of supply.
New listings of homes for sale fell 7% in March from a year earlier. Despite the ongoing decline in new listings of homes for sale, pending sales were still up 22% from 2020.
Click here to read more from the report.