{"id":70216,"date":"2020-09-11T11:00:32","date_gmt":"2020-09-11T18:00:32","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=70216"},"modified":"2022-10-26T13:11:44","modified_gmt":"2022-10-26T20:11:44","slug":"home-prices-up-13-percent","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-prices-up-13-percent\/","title":{"rendered":"Home Prices Up 13%, Biggest Increase Since 2013"},"content":{"rendered":"<h2 style=\"font-style:italic;\">Buyers seem undeterred, as pending sales soar 28% and a 9% increase in new listings brings little relief.<\/h2>\n<h3>Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 6:<\/h3>\n<ul>\n<li>Median home sale price increased 13% from 2019 to $319,178\u2014the highest on record. The 13% year-over-year increase was the largest since October 2013.<\/li>\n<li>Pending home sales climbed 28% year over year, the largest increase since the four weeks ending August 2, 2015.<\/li>\n<li>New listings of homes for sale were up 9% from a year ago\u2014the largest increase since the four weeks ending December 20, 2015.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 28% from 2019 to a new all-time low. The year-over-year decline has been about the same for the past couple of months.<\/li>\n<li>46.4% of homes that went under contract had an accepted offer within the first two weeks on the market, the highest level since at least 2012 (as far back as our data on this measure goes).<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.3%\u2014an all-time high and a full percentage point higher than a year earlier.<\/li>\n<li>For the week ending September 6, the seasonally adjusted Redfin Homebuyer Demand Index was up 21% from pre-pandemic levels in January and February.<\/li>\n<\/ul>\n<p>&#8220;Home price growth this high is making the housing market especially difficult for first-time homebuyers right now,&#8221; said <a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\">Redfin chief economist Daryl Fairweather<\/a>. &#8220;Rising prices are just one more reason for people to leave expensive urban neighborhoods behind. The sudden rise of remote work has allowed homebuyers who are priced out of one neighborhood to expand their search to more affordable areas. In turn, they are pushing up home prices in those relatively affordable areas, causing more people to look to even more affordable areas, and so on. Price growth may slow in 2021, but even if it does, high prices are going to continue to make affordability a concern for buyers.&#8221;<br \/>\n\u201cI\u2019ve been helping more buyers from out of town lately, mostly from the Bay Area,\u201d said <a href=\"https:\/\/redfin.com\/real-estate-agents\/christian-cerone\">Seattle Redfin agent Christian Cerone<\/a>. \u201cThey\u2019re unfazed by the intensity of the market, since that\u2019s been the norm there for quite a while. We\u2019ve also started to see bidding wars even on homes above $1 million, which were seemingly immune to bidding wars even when the market got really crazy in recent years. With so much wealth coming into the city from more expensive places, there are  plenty of buyers right now who have the potential to buy those $1-$2 million homes.\u201d<br \/>\nRedfin agents in areas affected by wildfires report that the smoke is slowing down some home-buying activity.<br \/>\n\u201cHome touring is slowing down in San Francisco due to the fires\u2014people don\u2019t want to go outside with all of the smoke in the air,\u201d said local <a href=\"https:\/\/redfin.com\/real-estate-agents\/gabrielle-bunker\">Redfin agent Gabrielle Bunker<\/a>. \u201cSome buyers have also started raising concerns about being able to get fire insurance because insurance companies have tightened up their requirements for fire coverage.\u201d<br \/>\n<img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_median-price.jpg\" alt=\"Home Sale Prices Up 13% to Another New High\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70224\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_median-price.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_median-price-300x225.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_median-price-1024x768.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_median-price-768x576.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_pending-sales.png\" alt=\"Pending Sales Up 28% From a Year Earlier\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70221\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_new-listings.png\" alt=\"New Listings of Homes Up 9% From Last Year\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70219\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 28% From 2019\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70223\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_off-market-in-2-weeks.png\" alt=\"46% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70220\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Climbed to 99.3%\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70222\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-06_sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":13505,"featured_media":70224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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