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A record number of homes sold above the asking price last month as home sale prices hit an all-time high.

Market data Redfin obtained from more than 400 U.S. metro areas during four weeks ending March 21 found 39% of homes sold above list price, up 15% from the same period last year. Active listings during that same period fell to an all-time low — 42% from 2020, as inventory remains tight. The report also found median home sale prices increased 16% from the same time last year to an all-time record high of $331,590. The report did note that year-over-year comparisons may reflect the stay-at-home orders in effect in March 2020. 

Newly listed home asking prices were flat from the previous four-week period and up 11% from the same time last year, according to the report. Pending home sales were also up — 28% year over year — while new home listings were down 12% from the year prior. 

Under Agreement Real Estate Listings Within 7 Days are up

The report also found the percentage of homes under contract accepting an offer within one week of hitting the market was 58%, up from 33% during the same period last year. During the seven-day period ending March 21, 48% of homes sold in one week or less. 

Additionally, the average sale-to-list price ratio increased to 100.2%, also an all-time high, and 1.9% higher than a year earlier. 

Mortgage applications also had an increase of 3% week over week, up 26% from a year earlier for the week ending March 19. Thirty-year mortgage rates increased 3.17% for the week ending March 25, the highest level since June.

Source: Redfin

Most Updated Stats on the Real Estate Market 

2,748
Single-Family Only
+ 8.1% + 6.0%
Year-Over-Year Change

Median Sales Price
$462,500
Single-Family Only
+ 17.1% + 5.1%
Year-Over-Year Change

Homes for Sale
3,167
Single-Family Only
– 68.4% – 33.6%
Year-Over-Year Change

New Listings
3,401
Single-Family Only
– 31.4% – 3.8%
Year-Over-Year Change

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of March 7, 2021.

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