Pending home sales climbed 29% Y/Y for the four-week period ended Nov. 15 even as the number of pending sales continued a typical seasonal decline, according to Redfin, the digitally-focused real estate brokerage.
In the single week ended Nov. 15, pending sales rose 22% Y/Y, a slight increase from the previous week's growth.
New listings of homes for the four-week period were up 7% from a year ago. The one-week Y/Y increase rebounded to 6% for the week ended Nov. 15 from 3% during election week.
Active listings fell 29% from 2019 to a new all-time low.
With listings at such a low level, it's not surprising that the home sale prices continued to trek higher; the four-week median home sale price rose 15% Y/Y to $322,148, the highest on record according to Redfin. For the single week, home prices increased 16% Y/Y.
For the week ended Nov. 15, the seasonally Redfin Homebuyer Demand Index was up 35% from pre-pandemic levels in January and February.
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