Redfin reported that the median home-sale price in the U.S. increased 17 percent year-over-year, to $328,350. That’s the largest increase since 2016, when information was first gathered for the data set.
The report, compiled from data from more than 400 metro areas from Feb. 7-March 7, also showed the asking price for new homes hit an all-time high of $349,975, up 10 percent year-over-year.
The average sale-to-list price ratio rose to an all-time high of 99.8 percent, up from 98.1 percent a year ago. Between March 1-7, the ratio hit 100.1 percent, the first time on record that the average home sold for above its list price nationwide.
“Sellers’ asking prices have marched upward every week this year,” Redfin Chief Economist Daryl Fairweather said in a release. “Buyers have learned that if they aren’t aggressive enough one week, they will have to bid higher on a home that’s listed the following week.”
According to the report, 56 percent of homes had an accepted offer within the first two weeks of being for sale, compared with 45 percent a year ago. The percentage of homes that had an accepted offer within one week on the market rose from 32 percent to 44 percent year-over-year.
New home listings were down 17 percent year-over-year, and active listings dropped 41 percent to an all-time low.
“This super competitive housing market has been fueled by rock-bottom mortgage rates, so home prices should start to grow at a slower rate as mortgage rates tick up,” Fairweather said.