Three out of five homes that went under contract during the four week period ending March 6 found a buyer within two weeks, an all-time high, as supply shrank to a new low. Recent home sellers also enjoyed the biggest price premiums ever seen this time of year, with the typical home selling for 1.1% above list price. Last year at this time, the typical home sold for 0.3% below list price. The median home sale price shot up 16% year over year to a new high of $369,125.
“Homebuyers are in a frenzy,” said Redfin Deputy Chief Economist Taylor Marr. “Buyers are reacting to changes in mortgage rates but are so far unfazed by the war in Ukraine, stock market volatility and rising oil prices. However, these risks are reaching levels that could be dangerous for the economy, and the Fed is on the cusp of raising rates further to cool inflation. The silver lining for housing is that the spike in mortgage rates has paused for now.”
Unless otherwise noted, the data in this report covers the four-week period ending March 6. 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.
