Despite a 16% jump in year-over-year asking prices and an 8% drop in new listings, homes sold at a record-setting pace during the four weeks ending February 13, Redfin reports. A record 57% of homes went under contract within just two weeks of being listed, and that trend could continue as buyers anticipate more price gains in a 2022 market with limited supply.
The median sale price climbed 15% year-over-year and 30% since 2020 to a new high of $354,762, while the median asking price rose to $381,000. As mortgage rates continue to rise, monthly payments on the median asking price hit an all-time high of $1,997, up 27% year-over-year.
“The acute shortage of new listings of homes for sale is the biggest problem the housing market faces right now,” said Redfin Deputy Chief Economist Taylor Marr. “If you think of the housing market like a bathtub, water (supply of homes for sale) is flowing down the drain (buyers sucking up supply) faster than new water (new listings) is coming in through the faucet. Rising mortgage rates may slow the drain down a bit (cool demand) as record-high monthly payments take a toll on buyers’ budgets. Bottom line: without a flood of new listings we will be sitting in a very shallow bath for a while.”
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
