According to national property broker Redfin, the median U.S. home-sale price increased 17% year over year to $338,225 -- an all-time high.
However, year-over-year comparisons may more reflect the fact that this time last year, stay-at-home-orders halted both home-buying and selling activity. They don't necessarily reflect how the housing market has changed over the past year.
"The housing market is more competitive than we've ever seen it, but a couple indicators are causing us to ask whether we're nearing a peak in terms of how fast demand and prices can grow," said Redfin Chief Economist Daryl Fairweather. "Sellers' asking prices may be starting to flatten in what so far appears to follow a typical seasonal pattern. And the drop in mortgage purchase applications tells me that some buyers are dropping out due to the lack of affordable homes for sale. If these trends continue we can feel more assured that we are not in the midst of runaway home price speculation or a housing bubble."
Key housing market takeaways for 400 U.S. metro areas through April 4th, 2021