The median U.S. home sale price hit a record $383,725 during the four weeks ending April 21, according to new data from Redfin (NASDAQ: RDFN). This represents a 5.2% increase from one year earlier and was also one of the biggest jumps since October 2022.
Redfin noted the new record price comes at a time when new listings are up 10.2% year-over-year. However, the greater quantity of listings is blunted by elevate mortgage rates.
“My advice to sellers is to price your home fairly – even though sellers are getting top dollar at the moment, they should price competitively to attract buyers from the start and avoid having to drop their price as stubbornly high mortgage rates eat into buying budgets,” said Redfin Economic Research Lead Chen Zhao. “My advice for serious buyers who can afford today’s costs is to shop for your dream home and accept that this year is probably not the time to find a dream deal. Price growth may cool slightly in the coming months if mortgage rates stay high or rates might fall slightly—but overall housing costs are likely to remain elevated for the foreseeable future.”
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