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New home listings show first decline since July

New listings fell 3 percent from the year before, the first annual decline since July 2020, even as pending sales were up 35 percent. Active listings also fell with a 33 percent drop, a new all-time low. 

Key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending Jan. 10, 2021 included a mixture of increases and falls.

The median home sale price increased 14 percent year over year to $320,025, according to real estate brokerage website, Redfin. Pending home sales were up 35 percent year over year.

On a downturn, new listings of homes for sale were down 3 percent from a year earlier, the first decline since July.

Active listings (the number of homes listed for sale at any point during the period) also fell with a 33 percent from 2020 to a new all-time low.

Thirty-eight percent of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 27 percent rate during the same period a year ago.

For the week ending January 10, the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—was up 40% from pre-pandemic levels in January and February of 2020.