Home prices spiked to an all-time high of $363,975 as the market continued to heat up during the four-week period ending February 27. The median home-sale price was up 16% year over year, the biggest annual gain since August, and the typical home sold for 0.8% above list price, the largest premium since October. Intense competition among buyers driven by an extreme shortage of homes for sale is driving prices up unseasonably fast.
“The war in Ukraine has rattled the global economy, causing mortgage rates to fall after weeks of increases,” said Redfin Deputy Chief Economist Taylor Marr. “The dip in mortgage rates should buoy homebuying demand temporarily, fueling continued price gains. But demand may drop off if the Federal Reserve raises interest rates again as expected.”
Unless otherwise noted, the data in this report covers the four-week period ending February 27. Redfin’s housing market data goes back through 2012.
Refer to our metrics definition page for explanations of all the metrics used in this report.
