Media Release

Redfin: April Housing Overview by Market® Housing Report: Homes Sell Faster Than Ever as Sellers Return to the Market in April - Prices hit a new all-time high of $375,000

- New listings took a step in the right direction, increasing 32.6% in April over last year, but still trail pre-pandemic levels

- The number of active listings -- homes without a pending contract -- was down 53%, while total inventory declined 21.9% year-over-year

- Homes are selling in a record 43 days, on average

- Home price increases in nation's 50 largest metros show signs of a slowdown

SANTA CLARA, Calif., April 29, 2021 /PRNewswire/ -- The number of new sellers surged in April compared to last year when most cities had shelter-in-place orders in effect. However, with the number of new listings still nearly 26% below pre-pandemic levels, buyers saw little relief as the median U.S. home listing price soared 17.2% year-over-year to a new high of $375,000 and homes sold lightning fast in a record low 43 days, according to the® Monthly Housing Trends Report released today.

"After stay-at-home orders brought the housing market to a halt last spring, especially for sellers who re-thought their plans, 2021 is shaping up to be more typical," said® Chief Economist Danielle Hale. "That lack of activity is causing this year's more normal trends to look like a huge improvement, and it is. However, when compared to pre-pandemic levels it is very clear we are still not on par with the number of sellers we saw in 2017 through 2019, which is helping to drive one of the most competitive seller's markets of all time. Home prices are continuing to surge and sales are occurring nearly three weeks faster than a normal spring home-buying season."

Hale said she expects more homeowners to put their homes on the market in the coming months. However, with 554,000 fewer homes available for sale on a typical day in April this year compared to last year and buyer demand at all-time highs, home prices are expected to continue to reach new highs before peaking in July or August.

Nationally, new listings increased 32.6% in April compared to last year, which provided some relief in the form of more choices for weary home shoppers. At the same time, new listings still trail pre-pandemic levels with 130,000 (25.5%) fewer homes listed this April than the average rate in 2017 to 2019. As sales occurred at a record pace, the number of active listings was down 53% year-over-year, while total inventory, which includes pending sales, was 21.9% lower.

The Northeast and Midwest -- regions that were first and hardest-hit at the outset of the pandemic -- posted the largest year-over-year growth in newly listed homes in April with Pittsburgh, Detroit and Buffalo, N.Y., showing the biggest gains. Southern markets, such as Oklahoma City and Nashville, Tenn., both saw 30% newly listed homes decline by 30% year-over-year.

Homes sales are occurring nearly three weeks faster than 2017-2019
Not surprisingly, homes across the U.S. are selling more quickly than last year when most of the country was on lockdown. The typical home in the U.S. spent an average 43 days on the market this April, 20 days less than last year. Notably, it was 18 days less than the typical time on market in April 2017 to 2019 and faster than any time since 2012, underscoring the continuing record-setting demand for housing.

Homes sold even faster in the 50 largest U.S. metros at 34 days on average, down from 50 in April 2020. In Denver, homes sold in an average of 15 days, while the median time on market in Columbus, Ohio, was just 16 days and 18 days in Austin, Texas. Five of the top 50 largest markets are seeing homes sell in less than three weeks on average. Of the nation's largest markets, only New York saw time on market increase, up 13 days.

Listing prices continue to rise
The median national home price for active listings grew by 17.2% over last year to a new all-time high of $375,000 in April. In the 50 largest metros, the median home price was up 11.6% compared to last year. This was slightly lower than the 12.1% increase in March, potentially signaling slowing price growth in the larger markets.

Austin (+40.6%), Los Angeles (+23.6%) and Riverside, Calif., (+22%) posted the highest year-over-year median list price growth in April. Memphis, Tenn., (-4%), Milwaukee (-2.4%), and Louisville, Ky., (-0.9%) were the only top 50 metros to see their median listing price decline year-over-year during the month.

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Source: Redfin via PRNewswire