National property broker Redfin is reporting this week the median U.S. home sale price increased 15% year over year to $318,750, with over 52% of new listings going under contract within 2 weeks due to severe inventory shortages in most markets.
"There is a serious lack of new listings, and although prices are through the roof, homeowners are reluctant to sell, because it's so hard to buy again unless you are moving to a less expensive area where you can afford to outbid other buyers," said Redfin chief economist Daryl Fairweather. "Sellers who are concerned about finding their next home are asking buyers for a rent-back agreement, which allows the seller to stay in the home until they can move into their next one. Offering a rent-back agreement can also be a winning strategy for buyers with flexible timelines."
Redfin research is also reporting these key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending February 7, 2021: