The median home sale price rose 15% year over year to an all-time high of $360,500 during the four-week period ending December 19, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Pending sales rose 0.1%, the smallest year-over-year increase since June 2020. Sales activity is constricted by supply, not demand; the number of homes for sale fell 26% to an all-time low.
“As the number of homes for sale drops to a new all-time low every week, homebuyers have a sense that the well is running dry,” said Redfin Chief Economist Daryl Fairweather. “Fewer homes are selling because of a lack of supply, while demand remains strong. That’s why home prices continue to climb higher and higher. But once mortgage rates increase in 2022, I expect the rate of price growth to slow down significantly.”
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending December 19. Redfin’s housing market data goes back through 2012.
Other leading indicators of homebuying activity:
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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 press@redfin.com.