Leading indicators of activity are now mostly cooling off instead of continuing to heat up.
Adjusted for seasonality, home purchase applications have been falling since late March and are now 7% below their average levels in January and February 2020, despite low mortgage rates and easing access to credit.
The cooling market is also reflected in a four-week decline in pending sales and a drop in Redfin's demand index, which is down 12% from its late-March peak. Taken as a whole, the data paints a picture not of a bursting bubble, but a clear change from the overheated spring market.
Unless otherwise noted, this data covers the four-week period ending June 6. Redfin's housing market data goes back through 2012.
The median home-sale price increased 24% year over year to $358,749, a record high.
Asking prices of newly listed homes hit a new all-time high of $364,725, up 14% from the same time a year ago.
Pending home sales were up 29% year over year. Seasonally adjusted pending sales are down 9.7% from their peak four weeks ago. The sudden slowdown in pending sales is likely due to more people opting to pause their home search and take advantage of the holiday weekend.
New listings of homes for sale were up 9% from a year earlier.
Active listings (the number of homes listed for sale at any point during the period) fell 37% from 2020, and have been relatively flat since late February.
56% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 43% rate during the same period a year ago.
43% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier.
Homes that sold were on the market for a median of 16 days, a new all-time low and down from 38 days a year earlier.
A record 53% of homes sold above list price, up from 25% a year earlier.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.1%—3.7 percentage points higher than a year earlier and an all-time high. ■