As the U.S. economy continues to rise after reaching a devastating low last year, housing prices are climbing to new heights too.
The median home sale price increased to an all-time high of 17% year over year to $328,350, and the sale-to-list price ratio is now 100.1% nationwide making it the first time on record a typical home has sold above its list price, according to Redfin.com.
Other housing changes collected from data accessed in more than 400 U.S. metro areas last month include a 10% rise in asking prices, which are now at $349,975.
Even with the rise in prices, the rate increased from 45% to 56% of homes under contract with an accepted offer just two weeks after being on the market. The 56% is an all-time high since 2012 and seems to continue to rise with last month indicating 59% within the two weeks period.
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The percentage of homes under a contract purchased in less than a week went up from 32% to 44%, another all-time high with an additional 4% increase last month.
"Sellers' asking prices have marched upward every week this year. Buyers have learned that if they aren't aggressive enough one week, they will have to bid higher on a home that's listed the following week," Redfin chief economist Daryl Fairweather said.
Pending home sales were up 19% year over year and up 3% by the beginning of February. What caused a downfall in sales was the winter storm that overtook the state in mid-February. Now, Redfin reports pending sales are back up to 17%.
The only thing that's seemed to decrease consistently is new listings of homes for sale, which were down 17% from last year. Active listings fell 41% from last year, the largest decrease in at least five years.
The average sale to list price ratio increased 1.7% from last year, and is now at 99.8%, another all-time high. March is when the number shot up to 100.1% nationwide, marking the first time since 2016 the average home sold above its list price.
Requests for home tours and other serviced also increased, along with the number of mortgage purchase applications too, with the 30-year mortgage rate at 3.05%, the highest its been since July.
"This super competitive housing market has been fueled by rock-bottom mortgage rates, so home prices should start to grow at a slower rate as mortgage rates tick up," Fairweather said.
All data accessed through Redfin.com, see the full report here.