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Record 52% of homes in U.S. under contract within 2 weeks

Christian Fernsby |
The median home sale price in the U.S. increased 15% year over year to $318,750, according to a new report from Redfin.

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Topics: U.S.   

Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending February 7.

Asking prices of newly listed homes hit a new all-time high of $334,770, up 10% from the same time a year ago. In a typical year, asking prices do not surpass the previous year's peak until March.

Pending home sales were up 29% year over year.

New listings of homes for sale were down 11% from a year earlier.

Active listings (the number of homes listed for sale at any point during the period) fell 37% from 2020 to a new all-time low.

52% 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. This is the first time the four-week average has surpassed 50% since at least 2012 (as far back as Redfin's data for this measure goes). During the week ending February 7, the rate was 57%.

The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased slightly to 99.3%—1.6 percentage points higher than a year earlier.

For the week ending February 7, the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—was up 63% from the same period a year ago.

Mortgage purchase applications decreased 5% week over week (seasonally adjusted) and were up 17% from a year earlier (unadjusted) during the week ending February 5. For the week ending February 4, 30-year mortgage rates were unchanged at 2.73%.

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