Back to top
Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE SUBSCRIBE LOG IN
AddControlToContainer_DynamicNavigation1

Median home-sale price increases

Add This Email A Friend Printer Friendly Version Increase Text Size Decrease Text Size
0 comments
Market Data
Wednesday, February 24, 2021

The national median home-sale price in January rose 14 percent year-over-year to $330,500, according to a new report from Redfin.

 

Redfin said January’s increase was just shy of the largest increase seen since 2013, which was 14.5 percent in July 2013. During January, closed home sales increased 20 percent from a year ago, and pending sales jumped 37 percent while new listings fell 6 percent.

 

“The imbalance between supply and demand reached a new high in January,” Redfin Chief Economist Daryl Fairweather said. “Buyers were eager to make offers and make them quickly to take advantage of historically low mortgage rates while they last.”

 

“But many homeowners who want to move feel stuck with limited options of homes to move to, frustrated about homes finding buyers within hours of hitting the market and defeated after repeatedly losing out in bidding wars,” Fairweather said. “People who are committed to finding a home this season should plan for the harsh reality that they may need backup homes in mind when they go on a home tour and when they submit an offer or be prepared to wait weeks or months for another ideal home to hit the market.”

 

According to the report, median prices increased from a year earlier in all 85 of the largest metro areas Redfin tracks. Redfin said the smallest yearly price gains were in San Francisco (+3 percent); New York City (+5 percent). The largest price increases were in Camden, N.J. (+29 percent), Allentown, Pa. (+26 percent) and Detroit (+25 percent).

 

Redfin said home sales in January were up 20 percent year-over-year, down from the record high of 25 percent set in October, but still the third-highest gain on record since at least 2013.

 

The number of homes sold in January was up year-over-year in all but five of the 85 largest metro areas Redfin tracks. The largest gains in sales were in San Francisco (+44 percent); San Jose, Calif. (+43 percent); and Bridgeport, Conn. (+42 percent). The metro areas where home sales fell the most were Grand Rapids, Mich. (-8 percent) and Denver (-2 percent).  

 

Only four of the 85 largest metros tracked by Redfin posted year-over-year increases in active listings of homes for sale. The largest gains were in San Francisco (+51 percent); San Jose, Calif. (+26 percent); and Oakland, Calif. (+3 percent).  

 

Redfin said the biggest yearly declines in active housing supply in January were in Salt Lake City (-66 percent); Allentown, Pa. (-55 percent); and Baton Rouge, La. (-54 percent).  

 

The typical home that sold in January went under contract in 34 days—22 days fewer than a year earlier. In January, 33 percent of homes sold above list price, down slightly from the peak of 35 percent in November but up from 19 percent from one year ago.

 

 

 

Today's other top stories
Knight Barry Title acquires MLS Title
Stewart Title acquires Prima Title
NFIB opposes House passage of Paycheck Fairness Act
Record demand for second homes continues
Alliant National names senior vice president, regional counsel


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 10433 times.

Tweets from @TheTitleReport/lists/around-the-industry
News by Topic   News by Edition   Special Reports   Webinars   Subscribe
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
 
March 1, 2021
March 15, 2021
April 12, 2021
Archives
 
State of the Industry Report
iBuyer Report
Voice of the Title Agent Report
Title Technology Report
CFPB Anniversary Report
Trendsetters
Archives
 
 
Getting to Know Your Regulators
RESPA Section 9
Economic Forecast - Q1
Sales Strategies for Success
Archives
 
Newsletter Subscriptions
Free Email Updates
Try a Free Edition
  Resources   About   Store  
 
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
 
The Title Report
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
 
NS3 The Summit
Other Newsletters
The Legal Description
RESPA News
Valuation Review
Dodd Frank Upate
 
                 
Copyright © 1999-2021 The Title Report
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.thetitlereport.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Valuation Review
> RESPA News
> The Legal Description
> Dodd Frank Update
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
WEBINARS
RESOURCES
EMAIL UPDATES
ABOUT
SUBSCRIBE
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
Nominate a Trendsetter
What is Trendsetters
Current Edition
March 29, 2021
March 15, 2021
March 1, 2021
Archives
2021 Voice of the Title Agent
2021 State of the Industry
iBuyer Report
2020 Title Technology
2020 CFPB Anniversary Report
The New GSE Focus
Grow Your Business
Trendsetters
Archives
Nominate a Trendsetter
What is Trendsetters?
Hiring and Recruiting
Economic Forecast Series - Q1
RESPA Section 9
Getting to Know Your Regulators
Sales Strategies for Success
Webinar Archives
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
Sponsored Content
The Title Report
Contact Us
Social Media
Advertise
Are You An Expert?
Subscriber Agreement