- Asking prices jumped +14%y/y to $353,500 in 4-week period ending March 28
Median home-sale prices hit $335,613, an increase of +17% y/y
All-Time Record Highs on Asking Prices & Median Sale Prices
During the 4-week period ending March 28, two all-time price records were shattered. Asking prices on newly listed homes came in at $353,500, an increase of +14% y/y. Median home-sale prices hit $335,613, a y/y increase of +17%, according to Redfin.
Negligible Pending Home Sales Increase
Pending home sales increased only slightly, +0.9%, during this same 4-week period ending March 28.
However, even with that minor increase during March, pending home sales were up +38% overall from the same time period in 2020.
Have Some Buyers Reached Their Price Limits?
According to Redfin’s chief economist Daryl Fairweather, some buyers may have reached their limits on home prices and bidding wars despite 59% of transacted homes having accepted offers within the first two weeks of being on the market.
“Add to the mix a dwindling number of homes for sale (active listings dropped -42% within this time period) and rising mortgage rates, and the typical family that is still searching for an affordable house may have missed the boat.”
Suggestions for Would-Be Buyers?
Based upon ever-shrinking inventory, ever-rising home prices and ever-stiffer competition for fewer homes that resulted in 41% of homes selling for over list price, Fairweather is suggesting that would-be buyers consider condominiums and fixer-uppers (if there are any) to build some equity.
And with that equity, Fairweather is suggesting that would-be buyers build some patience…patience to wait out this market.
Thanks to Redfin.
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