The median home sale price increased 16 percent year-over-year to $322,828, the highest on record, according to a new report from Redfin.
The study found several key takeaways from the housing market for over 400 U.S. metro areas.
Pending home sales were up 28 percent year-over-year even as the number of pending sales steeply declined during the week of Thanksgiving, following the typical seasonal trend. In the single week ending November 15, pending sales were up 25 percent from the same week a year earlier.
New listings of homes for sale were up 9 percent from a year earlier. The number of new listings was the lowest it has been since the first week of May. Active listings (the number of homes listed for sale at any point during the period) fell 29 percent from 2019 to a new all-time low.
Redfin said mortgage purchase applications increased 9 percent week-over-week, and were up 28 percent from a year earlier during the week ending November 27.
“Sellers took the week off for Thanksgiving, but buyers were still out there searching for homes despite the lack of new listings,” Redfin Chief Economist Daryl Fairweather said in a press release.