The median sale price of homes sold by Redfin rose to $341,250 — an all-time high — during the four-week period ending April 11.
That figure is up 17% year over year as the market continues to sizzle. Asking prices hit $353,750, also an all-time high. Homes that sold during the four-week period stayed on the market for a median of 23 days, 15 days fewer than the same time in 2020 and the shortest time on market since 2012.
Fifty-nine percent of homes that went under contract had an offer accepted within the first two weeks of hitting the market. That share is another all-time high, going back to 2012 when Redfin first started keeping track of the metric. Within one week, 46% had an accepted offer — also a record high.
Pending home sales were up 22% from the same four-week period in 2019, with Redfin analysts chose to compare sales to two years prior due to the outsized impact of pandemic restrictions on the corresponding timeframe last year. Sales potentially could have risen further had the persistent supply shortage not held activity back; active listings during the four-week period this year fell 47% from the same time in 2019, hitting a new all-time low.
“The Easter holiday may have contributed to the latest decline in new listings, as many Americans were spending time with family instead of putting their homes on the market. The overall lack of homes for sale is limiting how much home sales can grow,” said Taylor Marr, Redfin’s chief economist. “However, Redfin’s homebuyer demand index is up 4.3% from a month ago, revealing that house hunters are still out in full force. They’re jumping on low mortgage rates, which are sliding back down toward 3%, and bidding up prices of the homes that do hit the market.
“The good news for buyers is that they should start to see more homes listed now that Easter is behind us.”