Newly listed Newly listed homes post smallest decline since mid-November 2021: Massachusetts Homebuyers Homeownership 

 The pace of new home listings is gaining steam, a welcome development in the face of high demand from buyers, Redfin reported. A new Redfin report found the number of newly listed homes for sale during the four weeks ended Feb. 20, 2022 fell just two percent from last year, the smallest decline since mid-November. The report found those listings were met with “hearty demand” as pending home sales rose one percent during the first increase since mid January. Home sale prices, asking prices, mortgage payments and share of homes selling within days of being listed also set new record highs.

 Despite all the highs, the total number of homes for sale hit a new all time low. Redfin deputy chief economist Taylor Marr said there’s good news for homebuyers in that each week more homes are being listed. “There is growing evidence that January’s dramatic drop in new listings was only a temporary blip driven by heavy winter storms and the spike in Covid cases, so homebuyers may have some hope for better selection in the coming spring season,” Marr said in a press release.

 In the four weeks ended Feb. 20, active listings fell twenty five percent year over year to an all time low of 452,000 and were down forty nine percent from the same period in 2020. The median asking price rose fifteen percent from 2021 to another high of $385,327 and was up twenty seven percent from 2020. Meanwhile, the median sale price increased fifteen percent year over year to $358,750, another record high.

 Forty five percent of homes went under contract with an accepted offer within one week of being listed, up from thirty nine percent last year, setting another record. Additionally, forty three percent of homes sold above list price, up from thirty two percent last year. The report noted a ten percent week over week decrease in mortgage applications during the week ended Feb. 18, and thirty year mortgage rates fell to 3.89 percent for the week ended Feb. 24.

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