To say the U.S. housing market is on fire is an understatement these days. National property broker Redfin is reporting this week that the national median home-sale price in the U.S. hit a record high of $353,000 in March 2021, up 17% from 2020 and a record high rate of growth.
The U.S. housing market set several other records in March 2021, even considering the fact that year-over-year comparisons are now looking at the start of the pandemic:
- The number of homes for sale fell to a record low, with a record year-over-year drop of 29%.
- The typical home sold in just 25 days, a record low.
- 42% of homes sold above their list price, a record high.
- The average sale-to-list ratio, a measure of how close homes are selling to their asking prices, hit a record high, passing 100% for the first time.
Year-over-year comparisons may more reflect the fact that in March 2020, stay-at-home-orders…