From Mansion Global:
Low supply and high demand have pushed U.S. home prices to record levels during the Covid-19 pandemic.
The median sale price for a home in the U.S. hit an all-time high of $331,590 during the four-week period ending March 21, a 16% jump compared to the same time in 2020, according to a report Friday from Redfin.
At the same time, active listings plummeted 42% year over year for the month ending March 21, marking the biggest decline since at least 2016, when Redfin began tracking the data.The number of new listings was down 12% in the same time period, while the asking price rose to $349,973, an 11% increase.
“It’s concerning how much home prices have risen during the pandemic,” the chief economist of Redfin, Daryl Fairweather, said in the report. “When the pandemic is over, purchasing a home is going to cost much more than ever before, putting homeownership much further out of reach for many Americans. That means a future in which most Americans will not have the opportunity to build wealth through home equity, which will worsen inequality in our society.”
Homes are also selling faster than ever, according to the report.