The median home sale price increased 15% year over year to $320,625—the highest on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The largest increase ever recorded in the Case-Shiller national home price index (which goes back through 1988) was 14.5% in September 2005.
Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending October 4.
“Large, expensive, luxury homes are taking up a bigger share of the homes that are selling, which is driving a high growth rate for the median sale price,” said Redfin chief economist Daryl Fairweather. “Remote work is increasing demand from affluent people, while middle-income people are more often expected to do their jobs in-person, and many have been affected by furloughs and shutdowns.”
We will continue to track changes in sellers’ asking prices, which tend to precede trends in overall home price growth. Even as sales continue to experience a typical seasonal slowdown, real estate remains firmly in seller’s market territory.
“Sellers that are just getting into the market are seeing they can set their asking price a little higher than what they may have expected because inventory is so low and the buyer pool is still growing,” explained San Antonio Redfin real estate agent Jim Seifert. “Homebuying demand is still really strong, which has really pushed multiple offers to a whole new level. You’re not going to see prices go down right now.”
To view the full report, including charts and methodology, please visit: https://www.redfin.com/blog/record-price-growth-in-real-estate-market/
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we’ve helped them buy or sell more than 235,000 homes worth more than $115 billion.
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