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. In the week ending October 18, home prices were up 16% from the same week a year earlier. Home prices continue to buck their typical seasonal pattern.
Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending October 18.
“It’s remarkable how this late in the year the market remains highly competitive,” said Redfin chief economist Daryl Fairweather. “There are still plenty of homebuyers lying in wait for new listings to hit the market. And when homebuyers see their perfect house listed amid the ongoing shortage of homes for sale, they are willing to pay asking price or even more just to make sure the deal goes through before another buyer swoops in. The election may slow down homebuying activity in the coming weeks as buyers and sellers get anxious about the outcome, but once the dust settles, it’s likely that there will still be a lot of pent-up demand that will heat things right back up.”
“More and more homes are selling above list price lately, which is something I haven’t seen here since the build-up to the housing bubble in 2005,” said Columbia, SC Redfin real estate agent Jessica Nelson. “The sudden ability that so many people have to work from home is really changing the market, bringing in a lot of out-of-town money, making everything more competitive for homebuyers.”
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.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email firstname.lastname@example.org.