National real estate broker Redfin reports that U.S. pending home sales rose 7% in the four-week period ending September 12, 2021, the lowest year-over-year increase since June 2020.
Of the homes sold during the period, just under half cost more than their asking price, the smallest share since mid-May, as the housing market continued to follow a typical seasonal pattern of late-night cooling. ‘summer. Home sales prices stabilized as they typically do at this time of year, although they were still 14% higher than a year earlier. However, sellers’ asking prices were up 1.7% from the four-week period ending Sept. 5. Asking prices often rise through September, but that increase was greater than the 1% we saw over the same period in 2019, suggesting home sellers may be optimistic about homebuyer demand .
“Home buying demand is supported by a number of factors, including first-time buyers deciding to buy now that rents are rising at their fastest rate since at least the start of the pandemic,” said Redfin’s chief economist, Daryl Fairweather.
“And now that enhanced unemployment benefits are ending, even more people may be looking to move for new jobs. This sustained demand is likely the reason house prices have rallied in recent weeks. by more new registrations.”
Housing Market Highlights for 400+ U.S. Metro Areas:
- The median home sale price rose 14% year over year to $357,750. This was flat compared to the four-week period ending September 5.
- Asking prices for newly listed homes rose 11% from the same period a year ago to a median of $357,225, on par with asking prices in mid-May. This is up 1.7% from the four-week period ending September 5. Over the same period in 2019, asking prices increased by 1.0%.
- New home listings for sale were down 6% from the previous year. New listings have been below 2020 levels since the four-week period ending August 29. The number of homes listed is in a typical seasonal decline, down 18% from the 2021 high reached in the four-week period ending June 27.
- Active listings (the number of homes listed for sale at any point in the period) fell 22% from 2020. Active listings were down 3% from their 2021 peak during the four-month period. weeks ending August 15.
- 46% of homes under contract had an offer accepted in the first two weeks on the market, above the rate of 43% the previous year, but down 10 percentage points from the 2021 peak set in during the four-week period ending March 28.
- 33% of homes that have been under contract had an offer accepted within a week of entering the market, down from 31% in the same period a year earlier, but down 10 percentage points from the peak of 2021 achieved during the four-week period ending March 28.
- Homes sold were on the market for a median of 19 days, up from the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier.
- 50% of homes sold above list price, compared to 33% a year earlier. This metric has been falling since the four-week period ending July 11, when it peaked at 55%.
- On average, 4.9% of homes for sale each week saw a price drop, up 0.9 percentage points from the same period in 2020, and the highest level since the four-week period. ending October 13, 2019.
- The average sale price to listing price ratio, which measures how well homes are selling relative to their asking price, fell to 101.3%. In other words, the average home sold for 1.3% above its asking price. This measure was down 0.9 percentage points from its peak in the four weeks ending July 11 and up 2.0 percentage points from a year earlier.
- Mortgage purchase requests increased 8% week-over-week (seasonally adjusted) in the week ending September 3. For the week ending September 9, 30-year mortgage rates were essentially flat at 2.88%.
- From January 1 to September 12, home visits increased 8%, compared to a 27% increase from the same period last year, according to home visitation technology company ShowingTime.
- The Redfin Homebuyer Demand Index was up 27% year over year in the week ending September 12 and up slightly from the previous week. The seasonally adjusted Redfin Homebuyer Demand Index is a measure of demand for home visits and other services from Redfin agents.