Property

US Median House Price Hits All-Time High

The US median house price has risen 17% to an all-time high of over $341,250.

Technology-powered real estate brokerage firm Redfin have released the latest figures for the four-week period ending April 11.

The report covered more than 400 U.S. metro areas with prices compared to 2020 – when the coronavirus pandemic stay-at-home orders halted homebuying and selling – and 2019 for a more reliable analysis.

Redfin’s report revealed that year on year from 2020, homes that sold during the period were on the market for an average of 23 days, the shortest time on market since 2012. This was 15 days fewer than the same period in 2020.

A total of 43% of homes sold for more than their list price, an all-time high and 17% higher than the same period a year earlier.

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A new all-time high saw 59% of homes that went under contract had an accepted offer within the first two weeks on the market, while 46% of homes that went under contract had an accepted offer within one week of hitting the market.

Compared to 2019, pending home sales were up 22% from the same period, new listings of homes for sale were down 13% from the same period and active listings fell 47% from the same period to a new all-time low.

“The Easter holiday may have contributed to the latest decline in new listings, as many Americans were spending time with family instead of putting their homes on the market. The overall lack of homes for sale is limiting how much home sales can grow,” said Redfin Lead Economist Taylor Marr.

“However, Redfin’s homebuyer demand index is up 4.3% from a month ago, revealing that house hunters are still out in full force. They’re jumping on low mortgage rates, which are sliding back down toward 3%, and bidding up prices of the homes that do hit the market.

“The good news for buyers is that they should start to see more homes listed now that Easter is behind us.”