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The median home sale price increased 14 percent year-over-year to $320,025, according to a report from Redfin.

According to the report, during the 4-week period ending Jan. 10, pending home sales jumped 35 percent year-over-year, new listings of homes for sale were down 3 percent (the first decline since July), and active listings (the number of homes listed for sale at any point during the period) fell 33 percent from 2020 to a new all-time low.

“Buyers are likely disappointed by the lack of new homes listed in the past month,” Redfin Chief Economist Daryl Fairweather said in a release. “But that’s not stopping them from making offers on what is on the market, which is sending pending sales up. It’s looking like 2021 will see a housing market frenzy that will rival what we experienced in 2020.”

In its report, Redfin said 38 percent of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 27 percent rate during the same period a year ago. Additionally, the average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined slightly to 99.3 percent — still 1.5 percent higher than a year earlier.

Redfin said its Homebuyer Demand Index for the week ending Jan. 10 was up 40 percent from pre-pandemic levels in January and February of 2020. The index measure requests for home tours and other services from Redfin agents.

Click on the link below to read the complete article online at thetitlereport.com