- Sale-to-list price ratio hits all-time high of 99.6% y/y during 4-weeks ending February 28, according to Redfin
- In 7-day period ending 2/28, sale-to-list price ratio hit 99.9%
Sale-to-List Price Ratio Approaching 100%
In hitting never-before percentages, the average sale-to-list ratio increased +1.6% y/y to an all-time high of 99.6%, according to Redfin, during the four-week time period ending February 28.
Even more astounding, during the seven-day period ending February 28, the sale-to-list ratio hit an ever higher high of 99.9%. Only during the seven-day period ending November 28, 2020 did the sale-to-list ratio hit 99.5%.
Median Home Sale Price Also Hits New High
Also during the four-week time period ending February 28, the median home sale price hit $323,600. This sale price is an increase of +16%, the highest increase on record dating back to 2016, compared to one year ago.
Asking Prices of Newly Listed Homes Hits All-Time High
Simultaneously, asking prices on newly listed homes increased +10% y/y to hit $347,475.
News on Pending Sales, Active Listings Inventory and Mortgage Rates
Pending sales went through the roof with an increase of +18% y/y. New listings inventory plunged -17% y/y while active listings plummeted to a new low of-40% y/y . Meanwhile, mortgage rates increased to 3.02%, their highest level since July 2020.
Despite that slight mortgage rate increase on 30-year mortgages, purchase applications increased +2% during the week ending in February 26 with 55% of the homes being sold within two weeks of being listed. In fact, during the week ending February 21, 44% of the homes sold were gone within one week or less.
Impact on Spring Housing Market?
Though there is no indication that home price gains are slowing, pending sales and new listings did take a hit during the two weeks of the arctic storms in February that hit the nation. Daryl Fairweather, Redfin’s chief economist, said, “It’s to early to tell what the impact of these changes will be to the spring market.”
One indicator that could be reliable is Redfin’s Homebuyer Demand Index. That Index measures requests for home tours and other agent service. The Index was up +49% y/y during the week ending February 28.
Thanks to Redfin for all data and to InmanNews.
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