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March 26, 2021, 8:13 a.m. EDT

Redfin sees record 39% of homes sold above asking price, as supply falls

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By Tomi Kilgore

Redfin Corp. /zigman2/quotes/203726414/composite RDFN -15.68% said Friday that the median price for homes sold rose 16% from a year ago to a record $331,590 during the four-week period ending March 21. Although the average sales price was 5.3% below the average asking price of $349,973, a record 39% of homes sold were priced above their list price, up from 24% a year ago, the real estate brokerage company said. A record 58% of homes that went under contract had an accepted offer within the first two weeks on the market. The supply of homes for sale fell, with new listings down 12% from last year, while active listings dropped 42%. Redfin Chief Economist Daryl Fairweather expressed concern about what rising home prices meant for future potential home buyers. "It's concerning how much home prices have risen during the pandemic," Fairweather said. "When the pandemic is over, purchasing a home is going to cost much more than ever before, putting homeownership much further out of reach for many Americans." Redfin's stock, which rose 0.1% in premarket trading, has tumbled 17.6% over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.82% has gained 5.6%.

/zigman2/quotes/203726414/composite
US : U.S.: Nasdaq
$ 52.43
-9.75 -15.68%
Volume: 7.23M
May 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.47 billion
Rev. per Employee
$211,731
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/zigman2/quotes/210599714/realtime
US : S&P US
4,201.62
+34.03 +0.82%
Volume: 2.24B
May 6, 2021 5:28p
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