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.
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.
+ 8.1% + 6.0%
Median Sales Price
+ 17.1% + 5.1%
Homes for Sale
– 68.4% – 33.6%
– 31.4% – 3.8%
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.