{"id":520711,"date":"2021-07-30T08:04:11","date_gmt":"2021-07-30T12:04:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/"},"modified":"2021-07-30T08:04:11","modified_gmt":"2021-07-30T12:04:11","slug":"redfin-reports-pending-sales-post-smallest-increase-in-over-a-year","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/","title":{"rendered":"Redfin Reports Pending Sales Post Smallest Increase in Over a Year"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Home-selling speed and competition have passed their record-high peaks, meaning the market is starting to feel slightly more welcoming to buyers. But most homes still sell within two weeks and for more than list price.<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SEATTLE<\/span>, <span class=\"xn-chron\">July 30, 2021<\/span> \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014Key signs are pointing to a cooling housing market, according to a new <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=3510214069&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-pending-sales-smallest-increase&amp;a=report\" rel=\"nofollow noopener\">report<\/a><\/u> from Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=327634236&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=redfin.com\" rel=\"nofollow noopener\">redfin.com<\/a><\/u>), the technology-powered real estate brokerage.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg\" title=\"Redfin Logo (PRNewsfoto\/Redfin)\" alt=\"Redfin Logo (PRNewsfoto\/Redfin)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Pending home sales posted their smallest year-over-year increase (7%) since late <span class=\"xn-chron\">June 2020<\/span>. The supply of homes for sale continued to plateau as the number of newly listed homes for sale followed its slow seasonal decline. Home sale prices\u2014a lagging indicator and a notable exception to the cooling trend\u2014continued their steady ascent, up 19% year over year. Homebuying competition passed its lofty peak; the majority of homes are still finding buyers within two weeks and selling for above their asking price, leaving many buyers wondering when they may start to feel the chillier conditions. Some of those buyers have grown weary, with online home searches, in-person tours and mortgage applications all on the decline. <\/p>\n<p>\n        <b>Key housing market takeaways for 400+ U.S. metro areas:<br \/><\/b>Unless otherwise noted, this data covers <b>the four-week period ending <span class=\"xn-chron\">July 25<\/span><\/b>. Redfin&#8217;s housing market data goes back through 2012.<\/p>\n<p>\n        <b>Data based on homes listed and\/or sold during the period:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>The median home-sale price increased 19% year over year to <span class=\"xn-money\">$364,250<\/span>, a record high <\/li>\n<li>Asking prices of newly listed homes were up 12% from the same time a year ago to a median of <span class=\"xn-money\">$357,975<\/span>, down 1.2% from their all-time high posted four weeks earlier. <\/li>\n<li>Pending home sales were up 7%, the smallest year-over-year increase since the four-week period ending <span class=\"xn-chron\">June 27, 2020<\/span>. They fell 12% from their 2021 peak hit during the four-week period ending May 30\u2014a seasonal decline that&#8217;s to be expected but is slightly larger than the drop in years past. By comparison, pending sales dropped 8% during the same period in 2019. <\/li>\n<li>New listings of homes for sale were flat from a year earlier. The number of homes being listed is following a largely seasonal decline\u2014down 10% from the 2021 peak during the four-week period ending May 23\u2014albeit slower than the 14% decline during the same period in 2019. <\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 27% from the same period in 2020\u2014the smallest decline since the four-week period ending <span class=\"xn-chron\">January 3<\/span>. Active listings were up 12% from their 2021 low during the four-week period ending <span class=\"xn-chron\">March 7<\/span> but have remained largely flat since late June. <\/li>\n<li>51% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 44% rate during the same period a year ago, but down 5.7 percentage points from the high point of the year, set during the four-week period ending <span class=\"xn-chron\">March 28<\/span>. <\/li>\n<li>37% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 6.2 percentage points from the high point of the year, set during the four-week period ending <span class=\"xn-chron\">March 28<\/span>. <\/li>\n<li>Homes that sold were on the market for a median of 16 days, one day slower than the all-time low set in mid-June, and 20 days faster than a year ago. <\/li>\n<li>A record 55% of homes sold above list price, up from 29% a year earlier. This measure is plateauing, clocking in at 54-55% since the four-week period ending <span class=\"xn-chron\">June 27<\/span>. <\/li>\n<li>At 4.5%, the share of homes for sale with price drops inched closer to 2019 levels (4.6%), surpassing last year&#8217;s rate of 3.6%. <\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, fell to 102.2%\u2014slightly below the peak set in XX. In other words, the average home sold for 2.2% above its asking price. This measure was 3.3 percentage points higher than a year earlier.<\/li>\n<\/ul>\n<p>\n        <b>Other other leading indicators of homebuying activity:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Mortgage purchase applications during the week ending <span class=\"xn-chron\">July 23<\/span> fell 2% week over week (seasonally adjusted) to their lowest level since <span class=\"xn-chron\">May 2020<\/span>. For the week ending <span class=\"xn-chron\">July 29<\/span>, 30-year mortgage rates averaged 2.80%. <\/li>\n<li>From <span class=\"xn-chron\">January 1 to July 27<\/span>, home tours were up 18%, compared to a 45% increase over the same period last year, according to home tour technology company ShowingTime. <\/li>\n<li>Google searches for &#8220;home for sale&#8221; and &#8220;real estate&#8221; have both become less common in recent weeks. <\/li>\n<li>The seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other services from Redfin agents\u2014fell slightly during the week ending <span class=\"xn-chron\">July 25<\/span>, and is currently up 17% from a year earlier.<\/li>\n<\/ul>\n<p>It seems that some home sellers have realized the market is falling a bit out of their favor, as asking prices have been slowly sliding from their late-June high. A small but growing number of sellers are figuring that out the hard way\u20144.5% lowered their list price, the highest share since <span class=\"xn-chron\">November 2019<\/span>.<\/p>\n<p>&#8220;Home sellers are increasingly having to lower their expectations,&#8221; said Redfin Chief Economist <span class=\"xn-person\">Daryl Fairweather<\/span>. &#8220;Many homebuyers have turned to the rental market amid such high home prices, but now with rental prices growing, I expect many will return to the housing market by spring of next year. The transition to this new slightly cooler phase of the housing market will happen unevenly depending on the location and the desirability of the home. If you are currently looking to buy a home, I recommend that you do your research on how much attention the home is getting before you put in your offer. If you find a home without any other offers, you may be able to get it for below the list price and with inspection and financing contingencies intact.&#8221;<\/p>\n<p>To view the full report, including charts and methodology, please visit: <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=1682656917&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-pending-sales-smallest-increase&amp;a=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-pending-sales-smallest-increase\" rel=\"nofollow noopener\">https:\/\/www.redfin.com\/news\/housing-market-pending-sales-smallest-increase<\/a><\/u><\/p>\n<p>\n        <b>About Redfin<br \/><\/b>Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=1181806656&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener\">www.redfin.com<\/a><\/u>) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country&#8217;s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we&#8217;ve saved customers more than <span class=\"xn-money\">$1 billion<\/span> in commissions. We serve more than 100 markets across the U.S. and <span class=\"xn-location\">Canada<\/span> and employ over 4,100 people.<\/p>\n<p>For more information or to contact a local Redfin real estate agent, visit <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=1181806656&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener\">www.redfin.com<\/a><\/u>. To learn about housing market trends and download data, visit the <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=3404063272&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;a=Redfin+Data+Center\" rel=\"nofollow noopener\">Redfin Data Center<\/a><\/u>. To be added to Redfin&#8217;s press release distribution list, email <u><a target=\"_blank\" href=\"mailto:press@redfin.com\" rel=\"nofollow noopener\">press@redfin.com<\/a><\/u>. To view Redfin&#8217;s press center, <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3244391-1&amp;h=667499551&amp;u=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;a=click+here\" rel=\"nofollow noopener\">click here<\/a><\/u>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF59798&amp;sd=2021-07-30\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year-301344923.html\">https:\/\/www.prnewswire.com\/news-releases\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year-301344923.html<\/a><\/p>\n<p>SOURCE  Redfin<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF59798&amp;Transmission_Id=202107300800PR_NEWS_USPR_____SF59798&amp;DateId=20210730\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home-selling speed and competition have passed their record-high peaks, meaning the market is starting to feel slightly more welcoming to buyers. But most homes still sell within two weeks and for more than list price. PR Newswire SEATTLE, July 30, 2021 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014Key signs are pointing to a cooling housing market, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Pending home sales posted their smallest year-over-year increase (7%) since late June 2020. The supply of homes for sale continued to plateau as the number of newly listed homes for sale followed its slow seasonal decline. Home sale prices\u2014a lagging indicator and a notable exception to the cooling trend\u2014continued their steady ascent, up &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Pending Sales Post Smallest Increase in Over a Year&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-520711","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Pending Sales Post Smallest Increase in Over a Year - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Pending Sales Post Smallest Increase in Over a Year - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Home-selling speed and competition have passed their record-high peaks, meaning the market is starting to feel slightly more welcoming to buyers. But most homes still sell within two weeks and for more than list price. PR Newswire SEATTLE, July 30, 2021 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014Key signs are pointing to a cooling housing market, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Pending home sales posted their smallest year-over-year increase (7%) since late June 2020. The supply of homes for sale continued to plateau as the number of newly listed homes for sale followed its slow seasonal decline. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Pending Sales Post Smallest Increase in Over a Year - Market Newsdesk","og_description":"Home-selling speed and competition have passed their record-high peaks, meaning the market is starting to feel slightly more welcoming to buyers. But most homes still sell within two weeks and for more than list price. PR Newswire SEATTLE, July 30, 2021 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014Key signs are pointing to a cooling housing market, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Pending home sales posted their smallest year-over-year increase (7%) since late June 2020. The supply of homes for sale continued to plateau as the number of newly listed homes for sale followed its slow seasonal decline. Home sale prices\u2014a lagging indicator and a notable exception to the cooling trend\u2014continued their steady ascent, up &hellip; Continue reading \"Redfin Reports Pending Sales Post Smallest Increase in Over a Year\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-30T12:04:11+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Redfin Reports Pending Sales Post Smallest Increase in Over a Year","datePublished":"2021-07-30T12:04:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/"},"wordCount":1119,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-post-smallest-increase-in-over-a-year\/","name":"Redfin Reports Pending Sales Post Smallest Increase in Over a Year - 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