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SEATTLE, August 19, 2021 / PRNewswire / – (NASDAQ: RDFN) —The median price of home sold in July rose nearly 20% year over year to a new all-time high of $ 385,600, for a new one report by Redfin (redfin.com), the technology-based real estate brokerage.
That annual growth rate was below its high of 26% in May, but is still higher than it had ever been before April this year.
July was the twelfth consecutive month of double-digit gains, which is significant given that the housing market was already in a strong growth phase a year ago after pausing briefly at the beginning of the pandemic. A year later, Redfin is still seeing extremely strong growth, but the market is gradually becoming less competitive for buyers.
“Real estate prices are still rising surprisingly fast,” said Redfin chief economist Daryl good weather. “Now that we are a year on from the lockdown recovery, we cannot explain away the tremendous price growth by pointing to the earliest impact the pandemic had on the housing market. While this ongoing trend continues to fuel an already severe affordability crisis, ”the homebuyer market is slightly less competitive. Demand has weakened so much that properties are no longer being taken off the market as quickly or at a price above list price as they did in the spring. Mortgage rates stay about as low as they are Buyers who are lost in a bidding war don’t have to worry about missing their window to buy. As more and more houses are listed, it can be worth waiting for the right house at the right price. “
|
Market overview |
July 2021 |
month for month |
year for year |
|
Median sales price |
$ 385,600 |
-0.3% |
19.5% |
|
Sold apartments, seasonally adjusted |
604,000 |
-0.2% |
-1.5% |
|
Outstanding sales, seasonally adjusted |
558,300 |
1.0% |
8.1% |
|
New advertisements, seasonally adjusted |
653,300 |
4.3% |
0.2% |
|
All apartments for sale, seasonally adjusted |
1,328,900 |
-0.1% |
-25.2% |
|
Median days on the market |
fifteen |
0 |
-20 |
|
Months of delivery |
1.2 |
0.1 |
-0.5 |
|
Sells above list |
55.5% |
-0.8 points † |
25.5 points † |
|
Median of the off-market Redfin estimate |
$ 353,700 |
1.3% |
14.6% |
|
Average sale-to-list |
102.3% |
-0.3 points † |
3.2 points † |
|
Average fixed-rate mortgage over 30 years |
2.87% |
-0.11 points † |
-0.15 points † |
|
† – “pts” = change in percentage points |
|||
Average sales prices increased year over year in all of Redfin’s 85 largest metro areas. The biggest price hike was in Austin, TX (+ 39%), followed by Phoenix (+ 28%) and Salt Lake City (+ 26%).
The slightest price increases were in. booked New Orleans (+ 5%), Omaha, NE (+ 5%) and Virginia Beach (+ 6%).
Seasonally adjusted home sales were 1% lower in July than a year earlier and 0.2% lower than in June. Compared to July 2020, Home sales fell in 55 of Redfin Tracks’ 85 largest metropolitan areas. The biggest drops in sales were in Richmond, Virginia (-52%), Salt Lake City (-26%) and Grand Rapids, Michigan (-25%). The greatest increases were recorded where sales were still somewhat depressed during the year July 2020including new York (+ 79%), Nassau County, NY (+ 53%) and Honolulu (+ 37%).
Seasonally adjusted active listings – the number of homes for sale at any point in the month – fell 25% year-over-year to the lowest level on record.
Only two of the 85 largest subways covered by Redfin saw an increase in seasonally adjusted active listings of homes for sale compared to the previous year: Milwaukee (+ 3%) and Columbus (+ 0.1%). The biggest year-on-year declines in active housing supply were in July Baton Rouge, LA (-51%), North Harbor, FL (-51%) and Raleigh, NC (-44%).
Seasonally adjusted new offers of homes for sale remained largely unchanged in July (+ 0.2%) compared to the previous year, a return to the pattern typical of the four years before the pandemic. In 41 of the 85 largest metropolitan areas, new registrations fell compared to the previous year. The biggest declines were in Allentown, PA (-52%), Baton Rouge (-43%) and St. Louis, MO (-38%). The number of new entries rose the most compared to the previous year in McAllen, TX (+21%), San Jose, California (+ 20%) and Virginia Beach (+ 20%).
The typical house sold in July was signed in 15 days – less than half the length of the previous year when houses sold in 35 days on average – but one day more than in June.
Red fins (www.redfin.com) is a technology-driven real estate company. We help people find a home through brokerage, home buying (iBuying), rentals, lending, property insurance, and renovation services. We sell houses for more money and we charge half the fee. We also run the leading real estate agent website in the country. Our home buyers see homes first on on-demand tours, and our credit and property services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our home renovation team fix their home to sell it for the highest dollar. Our rental business enables millions of people across the country to find apartments and houses for rent. Since our introduction in 2006, we have had more than $ 1 billion at commissions. We serve more than 100 markets in the US and Canada and employ over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit Redfin data center. To be added to Redfin ‘s press release distribution list, email at press@redfin.com. To view the Redfin press center, click here.
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