Home Prices Soar 18% To An All-Time High; A Record 58% Of Houses Sell Within Two Weeks Of Listing

As if the official government data on soaring home prices wasn't wild enough, the latest monthly data from RedFin shows that in April, homes sold at their fastest pace on record, with nearly half going off-market within one week.

“There has been an ongoing debate at Redfin about whether fear of coronavirus infection was keeping homeowners from selling. With a third of American adults now fully vaccinated and still hardly any homes being listed for sale, we’re close to settling that debate,” said Redfin Chief Economist Daryl Fairweather.

A quick note on the base effect in the housing market: at this time last year, stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, this report has been broken into two sections: metrics that are deemed fit to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019.

Metrics to compare to 2020:

  • The median home-sale price increased 18% year-over-year to $344,625, an all-time high. Asking prices reached an all-time high of $356,175.

  • Homes that sold during the period were on the market for a median of 21 days, the shortest time on market since 2012. This was 16 days fewer than the same period in 2020.
  • 45% of homes sold for more than their list price, an all-time high. This was 18 percentage points higher than the same period a year earlier.

  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased 2.3 percentage points year-over-year to an all-time high of 101.0%, meaning the average home sold for 1% more than its asking price.

  • 58% of homes that went under contract had an accepted offer within the first two weeks on the market. This was a new all-time high (Redfin’s data for this measure goes back to 2012).

  • 46% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high.
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