A dip in new listings contributed to the ongoing supply shortage as home prices hit another all-time high.
The median home sale price rose 14.6% year over year to a new all-time high of $361,171 during the four-week period ending December 26 as the number of homes for sale fell to a record low. New listings and pending sales both dropped to their lowest levels since January and touring activity was down compared with the same period in 2019 and 2020.
“The holiday effect of homebuyers and sellers diverting their time and attention toward travel and celebrations was even more extreme than during the pre-pandemic Christmas week of 2019,” said Redfin Deputy Chief Economist Taylor Marr. “We see this slowdown as a temporary consequence of the holidays, and not as an indication that homebuyer demand is backing off. Those who did purchase homes over the holidays paid high prices due to the ongoing supply shortage.”
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, the data in this report covers the four-week period ending December 26. Redfin’s housing market data goes back through 2012. Comparing today’s market with the pre-pandemic fall market of 2019 highlights how hot the market remains, even as most measures are settling into typical seasonal patterns.
Refer to our metrics definition page for explanations of all the metrics used in this report.
