The decline of home mortgage interest rates is continuing to fuel homebuying demand in December, pushing the median home-sale price up 13% nationwide to $334,300, according to a new report from online broker Redfin.
Nationwide, new listings were up 14%, closed home sales jumped 16% and pending sales were up 35%.
“The December housing market felt more like spring than winter,” Redfin chief economist Daryl Fairweather said in a press release. “Right now homebuying demand is seemingly endless, and although new listings are up from a year ago, it’s not nearly enough to keep up with demand. This inventory shortage is especially dire in places that have become hot migration destinations during the pandemic, like Salt Lake City.”
The median sales price in Chicago saw a year-over-year increase of 12.1% in December to $270,000, remaining flat from the previous month. A total of 9,123 homes were sold in December, up 7.6% from the previous month and 30.3% from the previous year.
A total of 5,199 homes were newly listed in December, a 26.5% decline from the previous month but up 15% from December 2019. Roughly 25,660 homes were up for sale in the final month of 2020, down 15.4% from the previous month and 20.3% from the previous year.