According to Redfin, housing prices jumped to a new high of +17% y/y, the most since last summer, during March 2022.
“Homeowners Staying Put”
While home prices jumped +17% y/y, a new high, in March, new listings dropped -7% in the midst of rising mortgage rates. This huge market imbalance spurred the pace of sales.
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According to Redfin, nearly 3 in 5 homes sold within two weeks, an all-time high in terms of sales pace, and 50% of homes sold at prices over the asking price.
Redfin’s Chief Economist said, “With so much uncertainty in the world, it makes sense that homeowners are staying put. High prices and rising mortgage rates are strong impediments to homeowners who would ideally like to move to a better home. First-time homeowners, on the other hand, are still seeking the security of homeownership despite the chaos in this market.”
Key Housing Market Takeaways for 400+ Metro Areas
(Data referenced here covers the four-week period ending March 20.)
- Median home sale price +17% y/y to new high of $379,230
- Home prices up +6% from 4 weeks prior
- Median asking price of newly listed homes jumped +14.8% y/y to $398,850
- Average monthly mortgage payment on median asking price home increased to record high of $2,183 with mid-March mortgage rate of 4.42%, an increase of +28% y/y
- Pending home sales up +1% y/y in mid-March
- Active listings dropped to all-time low of 469,000, a decrease of -22.6% y/y
- New listings fell -7% y/y
- 59% of homes that headed under contract had accepted offer within 2 weeks of being on the market, an all-time high; 45% of homes had accepted offer within one week of being on the markets
- 50% of homes sold above list price
- Average list-to-price ratio rose to 101.74.8
- 3% of listings had price drops
Condo Market as Hot as Single-Family Home Market
“The condo market has bounced back,” said Redfin manager Chance Glover. People are no longer afraid to live downtown, close to crowds…and they often prefer it, because they’re close to the office and amenities of the city. Rising prices are pushing single-family homes out of reach for a lot of buyers as condos are affordable in comparison.”
Take a look at this price comparison:
- Median sale price for condominium – $319,000
- Median sale price for single-family home – $406,000
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Thanks to Redfin.
