The median home-sale price increased 16% year over year to $323,600, an all-time high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This is the largest increase on record in this data set, which goes back through 2016.
Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending February 28.
“Over the last few weeks winter storms have disrupted the housing market, and mortgage rates have risen sharply,” said Redfin Chief Economist Daryl Fairweather. “Although pending sales and new listings have taken a small hit in the last couple of weeks, home price gains are showing no signs of slowing down. However, It’s just too early to tell what the impact of these changes will be to the spring housing market. The effects of the storms should be temporary, but higher mortgage rates could make some buyers less willing to bid up home prices.”
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 95 markets in the United States and Canada. Since our launch in 2006, we have saved our customers nearly $1 billion and we’ve helped them buy or sell more than 310,000 homes worth more than $152 billion.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email firstname.lastname@example.org