During the four-week period ended February 28, the median home sales price and the four-week moving average median asking price for newly listed homes also hit new highs.
Average price-performance ratio – a measure of how close homes are selling to their asking price – rose 1.6 percent year over year to an all-time high of 99.6 percent in the four-week period ended February 28 Redfin. During the seven-day period that ended on February 28, that rate rose even further to a new high of 99.9 percent.
The median home sales price also hit a new high in the four-week period ended Feb.28, increasing 16 percent year over year to $ 323,600. This annual price increase was also the highest since the record was in existence since 2016.
The asking prices for newly listed properties were another metric that reached an all-time high during this period. The four-week moving average median asking price for newly listed homes rose 10 percent year over year to $ 347,475.
Meanwhile, the percentage of homes signed within two weeks of listing also hit an all-time high. 55 percent of the houses did this, compared to 44 percent in the previous year. In the week ending February 21, 44 percent of homes were sold in a week or less.
Outstanding sales rose 18 percent year-over-year, while new registrations fell 17 percent year-over-year. At the same time, active listings fell 40 percent year-on-year to a new low.
Mortgage rates rose significantly in the week leading up to March 4th. The 30-year mortgage rose 3.02 percent, its highest level since July. Buyers remained undeterred, however, as mortgage purchase requests for the week ending February 26 increased 2 percent from the previous week and 1 percent year-over-year.
“In the past few weeks, winter storms have disrupted the real estate market and mortgage rates have risen sharply,” Redfin chief economist Daryl Fairweather said in a statement. “While pending sales and new listings have taken a small slump in recent weeks, home price increases are showing no signs of slowing. However, it is too early to say what impact these changes will have on the spring property market. The effects of the storms should be temporary, but higher mortgage rates could make some buyers less willing to hike home prices. “
For the week ending February 28, the seasonally adjusted Redfin Homebuyer Demand Index, which measures requests for home tours and other Redfin agent services, rose 49 percent year over year.
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