Competition in the housing market remains fierce, but has cooled slightly amid a seasonal slowdown and surging home prices. Nationwide, 56.3% of Redfin offers on homes faced competition in September, down from a revised rate of 59.1% in August. While that’s the first decline in at least five months, a majority of offers still encountered
Median home price climbs to $320,644 as demand outpaces supply, with pending sales up 31% and new listings growing 8%. Key housing market takeaways for 434 U.S. metro areas during the four-week period ending October 11: The median home sale price increased 14.9% year over year to $320,644—the highest value on record in Redfin’s data.
The analysis, which excludes New York City, also found that 57% of condos in Trump-branded buildings mention “Trump” in the online listing description, down from 78% four years ago. The typical “Trump” branded condo that sold in the U.S. this year was purchased for a median of $720,000—9.7% more than the typical comparable luxury condo.
A relative abundance of expensive homes is supporting sales at the high end and giving luxury homebuyers plenty of options to choose from. Meanwhile, sales of affordable homes are slowing amid a supply shortage that’s posing challenges for first-time buyers. U.S. luxury home sales increased 41.5% year over year in the third quarter, the largest
Condos are facing relatively slow price growth as remote work, the desire for privacy and record-low mortgage rates make single-family homes more desirable during the coronavirus pandemic. But condos could make a comeback if single-family home prices continue to surge.
The new-homes market is recovering—with sales on the rise—but hurdles including a lumber shortage are still hampering builders.
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