Home prices were up 15 percent in the four-week period ending Dec. 13, according to research done by Redfin. New listings were up 13 percent and pending sales rose 32 percent. However, the number of homes for sale fell 30 percent to a new all-time low.
“At a time of year when the housing market usually goes into hibernation, homebuyers are doing anything but hibernate,” Redfin Chief Economist Daryl Fairweather said in a press release. “With the coronavirus vaccine set to roll out just as the housing market typically kicks into full gear, a combination of seasonality and the pandemic’s final chapter is likely to keep the housing market hot well into 2021.”
Redfin’s research had more takeaways as well.
The average sale-to-list price ratio rose to 99.5 percent, an all-time high. This is up 1.5 percent from the same period last year.
Thirty-nine percent of homes that went under contract had an accepted offer within two weeks. This is a 13 percent increase from the same period one year ago.
The report looked at over 400 U.S. metro areas.