The increase follows a decline earlier in February that cut the number of homeowners in forbearance plans to less than 2.7 million, the first dip below that threshold since April 2020.

New home listings nationwide fell 17% from last year, while median home sale prices are up 15%, according to a recent Redfin report.  

The all-time high for January comes as limited supply cut pending transactions on a monthly basis, the association said.

The median sales price in the first month of 2021 was up 11.8% from January 2020 to $285,000, nearly matching the record high of $290,000 set last August.

Brickell is fast becoming the most popular area for condo sales in the Miami area.

In Miami, 43.7% of Redfin offers faced bidding wars in January compared to 37.5% in December 2020.

In Miami, 11.1% of last year’s Redfin searches were for homes priced higher than $1 million.

Median prices rose 15%, pending home sales were up 29%, and new listings fell 11% from the same period a year earlier.

According to the report, sales of homes priced greater than $3 million have increased for seven consecutive months

“In the final months of 2020, single-family rents posted the highest increases in over four years,” said Molly Boesel, principal economist at CoreLogic. “However, single-family rent price reaction to the pandemic and resulting recession differed greatly across metros.”

Zillow’s national figures showed high demand for housing in urban areas helping values in cities keep pace with those in the suburbs.

Luxury single-family homes led the way in 2020, as sales climbed 41.2% year over year to 1,447 transactions.

The report added that vacation homes and affordable homes in small towns near major urban centers were in strong demand as a result of the pandemic.

Buyers want amenities such as increased privacy, curated services and features such as private elevator entries and foyers that help limit interactions.

“The consistent decline in serious delinquency since August is a sign of growing financial stability for families,” said Frank Martell, president and CEO of CoreLogic.

The trend of purchasing a second home has sent home prices in seasonal towns skyrocketing in value by 19% for the year ending December 2020.