Home sale prices near 100% of asking prices

With active listings down 40% in a year, most homes find buyers within two weeks

The housing market is becoming even more competitive.

The sale-to-list price ratio, which measures how close homes sell to their asking price, was 99.6 percent during the four-week period ending Feb. 28. That’s 1.6 percentage points higher than the same period last year, Inman reported, citing data from Redfin.

The ratio ended February on a high note, hitting 99.9 percent for the final week.

The median home sale price in the four-week period ending Feb. 28 was $323,600, up 16 percent from a year ago. The increase was the highest since 2016.

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The median asking price also hit a record high of $347,475 during the same period, up 10 percent over 12 months.

And homes are selling faster: In February, 55 percent of homes went into contract within two weeks of being listed. That’s up 11 percentage points from a year ago. In addition, the number of active listings hit a new low, down 40 percent from a year ago.

Mortgage rates are creeping up, reaching 3.02 percent for 30-year loans during the week ending March 4. That makes home-buying more expensive, but that didn’t seem to deter would-be homebuyers. The number of mortgage applications went up by 2 percent in the week ending Feb. 26 compared the week before.

[Inman] — Akiko Matsuda

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Home sale prices near 100% of asking prices

With active listings down 40% in a year, most homes find buyers within two weeks

The housing market is becoming even more competitive.

The sale-to-list price ratio, which measures how close homes sell to their asking price, was 99.6 percent during the four-week period ending Feb. 28. That’s 1.6 percentage points higher than the same period last year, Inman reported, citing data from Redfin.

The ratio ended February on a high note, hitting 99.9 percent for the final week.

The median home sale price in the four-week period ending Feb. 28 was $323,600, up 16 percent from a year ago. The increase was the highest since 2016.

Read more

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The median asking price also hit a record high of $347,475 during the same period, up 10 percent over 12 months.

And homes are selling faster: In February, 55 percent of homes went into contract within two weeks of being listed. That’s up 11 percentage points from a year ago. In addition, the number of active listings hit a new low, down 40 percent from a year ago.

Mortgage rates are creeping up, reaching 3.02 percent for 30-year loans during the week ending March 4. That makes home-buying more expensive, but that didn’t seem to deter would-be homebuyers. The number of mortgage applications went up by 2 percent in the week ending Feb. 26 compared the week before.

[Inman] — Akiko Matsuda

Tags