The housing market hit records last month as home prices reached an all-time high and homes sold faster than ever.
Redfin’s latest report found that for the four weeks ended May 2, all of the housing measures it tracks hit record levels not seen since the firm began the report in 2012.
The median home sales price grew 21% year over year to $348,500. The report attributed the growth to more high-end homes being sold now than they were last year. Asking prices also reached an all-time high of $360,975, up 19% from 2020, while pending home sales were up 23% from 2019.
The number of days a home stayed on the market hit a record low of 19 days, down 16 days from the same time last year.
Forty-eight percent of homes sold for more than their list price, up 20% from the same period a year earlier. Additionally, 58% of homes had an accepted offer within the first two weeks of being listed and 45% of homes had an offer accepted within a week of hitting the market.
The average home sold for more than 1.4% more than its asking price.
Compared to 2019, new home listings were down 8% but were up 9% from the previous month. Additionally, active listings fell 48% from the same period in 2019.
“Right now we are seeing a substantial increase in home prices, which could be a precursor to more widespread inflation throughout the economy,” Redfin Chief Economist Daryl Fairweather said in a press release. “Lumber prices are surging, which has driven up prices of new homes and indirectly drives up prices of existing homes.”