The combination of all-time high home prices and all-time low home supplies is exhausting potential buyers.

All-Time Highs and Lows in Mid-December

The median home sale price hit an all-time high of $360,500, an increase of +15% y/y, during the four-week period ending December 19, according to Redfin.

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Pending sales rose just +0.1%, the smallest y/y increase since June 2020.

Inventory of for-sale homes dropped -26% to all all-time low.

Daryl Fairweather, Chief Economist with Redfin, said, “As the number of homes for sale drops to a new all-time low every week, homebuyers have a sense that the well is running dry.  Fewer homes are selling because of a lack of supply, while demand remains strong.  That’s why home prices continue to climb higher and higher.  But once mortgage rates increase in 2022, I expect the rate of price growth to slow down significantly.”

Key Market Takeaways for Homes Listed and/or Sold

  1. Median home sale price increased +15% y/y to all-time high of $360,000, up +30% from same period in 2019
  2. Median asking price of newly listed home increased +14% y/y to $347,473, up +29% from same period in 2019
  3. Pending home sales up +0.1% y/y, up +46% from same period in 2019
  4. New listings down -9% y/y but up +11% from 2019
  5. Active listings dropped -26% y/y to an all-time low and down -45% from same period in 2019
  6. 41% of homes went under contract within first two weeks on the market compared with 36% one year ago and 25% in 2019
  7. 31% of homes went under contract within one week of hitting the market compared with 26% during the same period one year ago and 16% in 2019
  8. 43% of homes sold above list price compared with 34% one year ago and 20% in 2019
  9. DOM was 26 days compared with 32 days one year ago and 48 days in 2019
  10. Redfin Home Buyer Demand Index +14% y/y
  11. Average of 3% of homes for sale each week had price drop
  12. Average sale-to-list ratio was 100.4%
  13. Mortgage purchase applications decreased -3% w/w during the week ending December 17
  14. For week ending December 16, 30-year fixed mortgage rates inched up to 3.12%.

Thanks to Redfin.

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