Key Highlights
- According to Redfin report, sharp decline in supply helped stimulate home prices upward
- Number of new listings in April y/y down -42.4%, largest decline since January 2012
- Number of homes sold in April down -24% y/y and down -23% compared to March 2020
- Number of homes available for sale down -24.5% y/y, the biggest drop on record and eighth straight month of declines
Redfin, the online brokerage, just released its latest report on April home sales, listings and prices. All save home prices declined. Nationally, due to so few listings and price increases in more affordable areas, median sales prices increased +4.9% y/y to $303,895. San Francisco was the only market to post a decline in pricing…a slippage of just -0.2% to a median sales price of $1.42M.
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Home sales prices in other major metros looked like this:
- Detroit – median sales price increased +27.9% to $159,000, second only to Dayton OH in affordability
- New York – median sales price up +3.3% y/y to $516,000
- Tacoma WA – fastest moving market in the country with 50% of homes selling in five days
- Denver and Seattle were the next fastest moving markets with homes going into contract in six days
The number of homes sold in April fell at a record pace. Nationally, there was a -24% drop in home sales y/y and a drop of -23% from March, the steepest decline since Redfin began collecting data in January 2012. San Francisco (-53.9%), Detroit (-46.8%) and New York (-45.8%) were the biggest losers in terms of home sales y/y. Minneapolis (+3.5%) and Bridgeport CT (+0.6%) were the biggest winners in terms of April’s home sales numbers.
The supply of homes available for sale nationwide dropped -24.5% y/y, the biggest drop on record and the eighth consecutive month of supply declines. None of the 85 metros Redfin tracks posted y/y increases in active listing supply levels. New listings nationwide were even more dismal…a y/y drop of -42.4%, the largest decline since January 2012.
According to Taylor Marr, lead economist with Redfin, “The supply of homes for sale declined even more dramatically than homebuyer demand in April. While home sales fell the most in more expensive markets, in more affordable areas, prices continued to increase.”
Thanks to Redfin and MansionGlobal.
Also read: 38.6M Unemployed Since March & Hardest Hit Cities by Pandemic, December 2019 – The Strongest Year-End Finish in the Last Decade, March Home Sales Dropped -8.5% – More Than Expected
