The cost of purchasing a home has been on an upswing since early 2020 but according to a new report, they have finally hit a new record. Redfin has reported that median home-sale prices are now 17 percent higher than they were a year ago at $335,613. This is a new record says the online real estate site which analyzed data from more than 400 metropolitan areas during the four-week period ending March 28, 2021. Asking prices for newly listed homes already broke a record, reaching $353,500 or 14 percent above last year.
While it might be assumed that such staggering increases would slow sales down as prices reach unattainable levels, Redfin data shows that pending home sales were up a whopping 38 percent from the same period in 2020 and up 28 percent from 2019.
Homeowners are also having no problem offloading their properties as 59 percent of homes that are currently being listed for sale are under contract pending a sale within 14 days after hitting the market.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.