Median home prices reach an all time high: Massachusetts Homebuyers Homeowners

The median price of homes in the U.S. rose to an all-time high during the week ended Dec. 19, up 15 percent from the prior year period to $360,500, according to a new Redfin report. Meanwhile housing inventory continues to drop and has hit another all-time low. Redfin chief economist Daryl Fairweather said that as available home sale inventory continues to hit new lows each week, those in the market for new homes can’t help but feel that the “well is running dry.”

 “Fewer homes are selling because of a lack of supply, while demand remains strong,” he said in a press release. “That’s why home prices continue to climb higher and higher. But once mortgage rates increase in 2022, I expect the rate of price growth to slow down significantly.” During the four weeks ended Dec. 19, asking prices rose 14 percent from the year before and 29 percent from 2019 to $347,475, while pending home sales rose 0.1 percent year over year and 49 percent from 2019.

 New listings were down 9 percent from last year, but up 11 percent from 2019, marking the largest two year increase since September. Redfin said 42 percent of all homes went under contract with an accepted offer within the first two weeks of being listed, up from 36 percent a year before and 25 percent at the same time  in 2019. Additionally, the report noted a 3 percent week over week decrease in mortgage applications during the week ended Dec. 17. Thirty year mortgage rates inched up to 3.12 percnet for the week ended Dec. 16.

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