July 31, 2021

MP Now News

Mortgage News

Average home sale price hits a new high

The national median home sales price hit a record high in March, according to Redfin.

Data from Redfin showed that the median home sales price hit a new high of $ 353,000 in March 2021 – a 17% increase over the same period in 2020.

The numbers also showed that median retail prices on all but two of the 85 largest subway areas, Redfin ‘s routes – Honolulu, Hawaii, were up 4.7% year over year. and San Francisco, California, where they were down 1.6%.

Continue reading: Normal Home Price Growth Expected This Year – Report

The largest price increases were in Austin, Texas (up 28%); Fresno, California (up 23%); and North Port, Florida. (+ 23%), – three popular destinations for remote workers who are leaving the most expensive metro areas to look for cheaper places during the pandemic.

Meanwhile, active listings, or the number of homes for sale at any point in the month, fell 29% year-on-year to their lowest level in history, suggesting that low inventory could, in part, drive prices higher.

Despite increasing competition and higher prices, Taylor Marr, lead economist at Redfin said he could still see big gains Home equity.

“Fundamentals like low mortgage rates and high demand for housing are driving record price gains, so I don’t think homes are overvalued,” said Marr. “Waiting for the market to cool down could be many months, at which point we may have missed the opportunity to take advantage of these extremely low mortgage rates and price gains in the coming year.”