Housing prices top last summer’s highs, hit new record: Massachusetts Homebuyers Homeownership

 With fewer people putting their homes on the market, housing prices have hit a new high, according to a recent Redfin report. Redfin found housing prices were higher than they’ve been since last summer with a seventeen percent year over year increase. In fact, nearly three in five homes were purchased within two weeks, an all time high as half sold for more than asking price, according to the report.

 And that’s not helping prospective homebuyers, who are still in hot competition to find a new home, as new listings fell seven percent nationally. Redfin chief economist Daryl Fairweather said with all the geopolitical and economic uncertainties, it’s no surprise than many homeowners are staying put. “High prices and rising mortgage rates are a strong impediment even for homeowners who would ideally like to move to a better home,” he said. “First time homebuyers, on the other hand, are still seeking the security of homeownership despite the chaos of this market.”

 In the four weeks ended March 20, active listings fell twenty three percent year over year to an all time low of four hundred sixty nine thousand. The median asking price rose fifteen percent from 2021 to three hundred ninety eight thousand eight hundred fifty dollars. Meanwhile, the median sale price increased seventeen percent year over year to three hundred seventy nine thousand two hundred thirty dollars, the largest increase since the four weeks ended Aug. 1, 2021. Additionally, prices were up six percent from four weeks prior.  Forty five percent of homes went under contract with an accepted offer within one week of being listed, up from forty one percent last year. Fifty nine percent of homes went under contract with an accepted offer within two weeks of being listed, a six percent increase from the year prior.

 Additionally, fifty percent of homes sold above list price, up from thirty nine percent last year. The report also noted an eight percent week over week decrease in mortgage applications during the week ended March 18, and thirty year mortgage rates rose to 4.42 percent, the highest level since January 2019 and up from 4.16 percent from the week prior.

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