By AZ Business Magazine | AZ Big Media
A record high 21% year-over-year growth rate drove the median home-sale price to $348,500 across the nation, according to a new report from Redfin, the technology-powered real estate brokerage. And in Metro Phoenix, the growth rate is even more dramatic, with the median home price up 25% from last year, driven in part by the five Metro Phoenix neighborhoods with the biggest home price increases in the last year.
One contributing factor to the large rate of growth is that more high-end homes are being sold now than a year ago. Asking prices nationally reached an all-time high of $360,975.
Here are other key housing market takeaways for more than 400 U.S. metro areas, comparing the 4-week period ending May 2 with 2020:
• A record low of just 19 days on market for homes that sold during the period, down 16 days from the same period in 2020.