More sellers seem to be returning to the market as the number of homes listed for sale surpass 2019 levels, according to a new report from Redfin.
Due to the low inventory of homes, homebuyer demand began to dissipate, allowing the market to cool down. Median home-sale price grew 22% from last year to a record high of $364,430. However, new listings of homes for sale are up 4% from a year earlier, and up 3% from the same period in 2019. This is the first time new listings have surpassed 2019 levels since the beginning of the year.
The asking price for newly listed homes are up 12% from the same time a year ago to a median of $359,500. But, this is down 1.1% from the four-week period ending on June 27, 2021.
The number of active listings (homes available for sale at any point during the period) fell 32% from 2020, which is the smallest decline since the four week period ending on February 7, 2021. Active listings have climbed 8% since their 2021 low during a four week period ending on March 7.
Pending home sales are up 17% year-over-year, or since the four week period ending on July 19, 2020. Pending sales are down 6% from the four week period ending on May 30, 2020, compared to a 3% decrease over the same period in 2019.
During the four-week period ending March 28, 2021, 54% of homes that went under contract had an accepted offer within the first two weeks on the market, which is well above the 45% rate during the same period a year ago. But, this is down 2.7 percentage points from the high point of the year.
In the same period, 40% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier. Homes that sold were on the market for a median of 15 days, an all-time low, compared to 39 days a year earlier. A record 55% of homes sold above list price, up from 27% a year earlier.
Additionally, the average sale-to-list price grew 102.4%, meaning the average home sold for 2.4% above asking price.
To read the full report, including charts and graphs, visit Redfin’s market housing update.
