With fewer people putting their homes on the market, housing prices have hit a new high, according to a recent Redfin report.

Redfin found housing prices were higher than they’ve been since last summer with a 17% year- over-year increase. In fact, nearly three in five homes were purchased within two weeks, an all-time high as half sold for more than asking price, according to the report. 

And that’s not helping prospective homebuyers, who are still in hot competition to find a new home, as new listings fell 7% nationally. 

Redfin chief economist Daryl Fairweather said with all the geopolitical and economic uncertainties, it’s no surprise than many homeowners are staying put. 

“High prices and rising mortgage rates are a strong impediment even for homeowners who would ideally like to move to a better home,” he said. “First-time homebuyers, on the other hand, are still seeking the security of homeownership despite the chaos of this market.”

In the four weeks ended March 20, active listings fell 23% year over year to an all-time low of 469,000. The median asking price rose 15% from 2021 to $398,850. Meanwhile, the median sale price increased 17% year over year to $379,230, the largest increase since the four weeks ended Aug. 1, 2021. Additionally, prices were up 6% from four weeks prior. 

Forty-five percent of homes went under contract with an accepted offer within one week of being listed, up from 41% last year. Fifty-nine percent of homes went under contract with an accepted offer within two weeks of being listed, a 6% increase from the year prior. 

Additionally, 50% of homes sold above list price, up from 39% last year. 

The report also noted an 8% week-over-week decrease in mortgage applications during the week ended March 18, and 30-year mortgage rates rose to 4.42%, the highest level since January 2019 and up from 4.16% from the week prior.