US Home Prices Gain Monumental Annual Increase in March
The latest development in real estate is that the U.S home sale price has gone up by 1.7% yearly, which brings it to an all-time high of $330,250. According to national property broker Redfin, this is the largest increment on record, which goes as far back as 2016.
In the weeks to come, the nation’s housing market will enter a period where comparisons to a year ago will intercept with a decline in home buying demands at the start of the Coronavirus pandemic.
Most housing demand measures will show significant year-to-year increases. We will provide more context about these measures in reporting new data as it becomes available.
Important U.S housing market facts during the four weeks ending March 14 includes:
- Asking prices of new houses in the market got to a new high rate of $350,972, which is 10% higher than a year ago.
- Pending home sales were also affected and went up by 21% year over year, the smallest recorded increase since August.
- New listings of homes for sale in the market went downhill by 17% from a year ago.
- Available homes for sale during the period fell by 42% from 2020, which is a record low rate. This is the most significant recorded decrease in the database, which goes back through 2016.
- A high rate of 57% of homes under contract got accepted within the primary fortnight on the market, which is above the 46% rate that occurred during the same time frame a year earlier. This is another record high since at least 2012 (as far back as our database for this measure goes). During the 7-day period, which ends March 14, 61% of homes sold in two weeks or less during this period.
- Also, the average sale-to-list price increased to 100.0%, which is 1.8 percentage higher than a year ago, a new record, and the first time since this data series began in 2016 that the four-week average has gone beyond 100% nationwide.
- For a 7-day time frame that ended March 14, requests for home tours and other homebuyer demands went up by 85% from the same period a year ago when the housing market was absolutely low due to the pandemic.
- Mortgage purchase applications rates soared high as 2% week over week (which adjusted by season) and then went up 5% from a year earlier (unadjusted) during the end of week March 12. For the week that ended on March 18, 30-year mortgage rates were at the highest level since June by 3.09%.
Times and facts in the housing market have indeed changed in the last year. Housing demand measures are changing, and newly listed homes are being purchased in decent time. No one knows if the market will change for better or good.
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