Buyers in Indianapolis, Omaha, and Seattle are snapping up homes in 5 days or less

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Buyers in Indianapolis, Omaha, and Seattle are snapping up homes in 5 days or less

SEATTLE, May 19, 2021 / PRNewswire / – (NASDAQ: RDFN) – The national average price for home sales hit a record high of $ 370,528 According to a new report from Redfin (www.redfin.com), the technology-driven real estate agent, the value rose 22% in April compared to 2020. April was also a historic month for housing construction through other measures, with the following metrics also breaking new records:

  • The number of properties for sale fell to a record low.
  • The typical house sold in just 19 days, a record low.
  • 49% of homes sold above their list price, a record high.
  • The average sell-to-list ratio, a measure of how close homes are selling to their asking prices, hit a record high of 101.6%.

Pandemic lockdowns significantly slowed home buying and selling April 2020This means that annual trends in home prices, pending sales, closed sales, and new listings are somewhat exaggerated. For more context, Redfin’s full report includes additional charts that zoom in on the last three years of home sales and new listings with no seasonal adjustments.

“To put the housing shortage into context, there is plenty of room for supply to grow and demand to decrease, and we would still find ourselves in a historically strong sellers’ market,” said Redfin Chief Economist Daryl Fairweather. “While Americans anticipate many changes when workplaces and schools reopen, the history of the housing market will remain largely the same. America simply doesn’t have enough homes for sale for anyone who has the will and the means to own one to buy.” Until the start of new construction – over the years, not the months – property prices will continue to rise. This real estate boom is far from over. “

Indianapolis is home to the fastest real estate market in the country. The typical home in the Indianapolis The metro was signed in April after just four days on the market, after ten days the previous year. Houses in Denver, Omaha, NE, Portland, OR and Seattle Also sold exceptionally quickly in April, with half of all homes up for sale in just 5 days in each of those metros.

Three of the five most competitive markets of the month were in California. in the Oakland81.5% of homes sold above list price, a higher percentage than any other subway. It follows San Jose (78.2%), Tacoma, WA (73.7%), Austin (73.7%) and Sacramento (72.5%).

National market overview

April 2021

month for month

year for year

Median sales price

$ 370,500

5.1%

22.2%

Houses sold

608.883

3.6%

38.2%

New offers

728,538

6.0%

53.3%

All homes for sale, seasonal
customized

1,361,100

-3.9%

-27.0%

Median days on the market

19th

-7

-16

Months of delivery

1.1

0

-1.9

Sold via list

48.9%

6.9 points †

20.8 points †

Median off-market Redfin estimate

$ 341,400

1.4%

16.7%

Average sale-to-list

101.6%

1.0 points †

2.8 points †

Average fixed mortgage rate of 30 years

3.06%

-0.02 points †

-0.25 points †

† – “Points” = percentage point change

In all 85 of the largest subway areas on the Redfin tracks, average sales prices rose year-on-year. The smallest increase was in Honoluluwhere prices rose by only 0.2% compared to the previous year. The biggest price hikes were in Austin, TX (+ 42%), Oxnard, CA. (+ 26%) and Miami, Florida (+ 26%).

The number of homes sold in April increased 34% year-over-year, but only 8% year-over-year April 2020Home sales rose in all but one of the Redfin Railroad’s 85 largest subway areas. The only subway area where home sales declined was Rochester, NY (-3%). The largest increases in sales were in places where home sales slowed most abruptly April 2020including San Francisco (+ 184%), San Jose (+ 150%) and Miami, Florida (+ 120%).

Active listings – the number of homes for sale at any point during the month – fell 27% year-over-year to their lowest level in history. However, the annual decline in the number of properties for sale has slowed slightly compared to the previous month.

Only 12 of the 85 largest metros recorded by Redfin recorded an increase in the number of seasonally adjusted active offers of houses for sale compared to the previous year: San Francisco (+ 54%), San Jose (+ 40%) and Oakland, CA. (+ 27%) recorded the greatest increases.

The biggest drop in active housing supply compared to the previous year was recorded in April Salt Lake City (-70%), Baton Rouge, LA (-60%) and North Harbor, FL (-48%).

New registrations of homes for sale were up 32% year over year in April but 17% year over year, bringing little relief to home buyers looking for more choices.

The real estate market was more competitive than ever in April since Redfin began collecting national housing data in 2012. The typical home sold in April was signed in 19 days – 16 days less than a year earlier and the fastest pace ever recorded.

In April, 49% of homes sold above list price, the largest share ever recorded. If this measure follows the typical seasonal pattern, it is likely to hit new record highs again in May and June.

The average sales-to-list price ratio rose further well above 100% in April, reaching a record high of 101.6%. This move tends to peak in June as well, so the next two months may also hit record highs if the market continues to follow a typical seasonal pattern well into summer.

For the full report with charts and additional highlights at the subway level, please visit: https://www.redfin.com/news/housing-market-set-more-records-in-april/

About Redfin
Redfin (www.redfin.com) is a technology-based real estate agent, iBuyer, lender, title insurer, and home renovation company. We sell houses for more money and we charge half the fee. We also run the country’s # 1 real estate agent site. Our home buying customers see homes first on on-demand tours, and our loan and title 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 best price. Since the start in 2006, we have almost saved customers $ 1 billion in commissions. We serve more than 95 markets in the US and Canada and employ over 4,100 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. Visit the Redfin Data Center to learn more about real estate market trends and download data. To be added to Redfin ‘s press release distribution list, send an email [email protected]. Click here to view the Redfin Press Center.

SOURCE Redfin

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