Home Prices Rose 11% in August—Biggest Gain in Over 6 Years
The national median home price rose 11% year over year to $328,400 in August—the largest annual increase since February 2014.
Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website Seattle Bubble, and produces the "Dispatches from the Multiverse" improvised comedy sci-fi podcast.
Email TimThe national median home price rose 11% year over year to $328,400 in August—the largest annual increase since February 2014.
For the four-week period ending September 6, home prices were up 13%, pending sales rose 28%, and new listings were 9% higher than the same period in 2019.
Home prices continued to rise—new listings increased slightly, but gains were dwarfed by rise in pending sales.
The U.S. housing market heated up even more, with home prices and measures of competition charging ahead, unfazed by seasonality during the four-week period ending August 23.
Home prices continued to rise during a time of year that they usually decline, and pending home sales are way up from 2019.
Home prices typically decline this time of year after hitting a seasonal peak in late June or early July. This year, as of the four weeks ending August 9, home prices were up 3.5% month over month.
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