{"id":70367,"date":"2020-09-25T06:01:22","date_gmt":"2020-09-25T13:01:22","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=70367"},"modified":"2022-10-26T13:11:25","modified_gmt":"2022-10-26T20:11:25","slug":"us-home-prices-up-14-percent","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/us-home-prices-up-14-percent\/","title":{"rendered":"Home Prices Just. Keep. Climbing. National Median Now Up 14% from Last Year"},"content":{"rendered":"<h2 style=\"font-style:italic;\">Pending sales rose 29%, and new listings jumped 6% from last year<\/h2>\n<h3>Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 20:<\/h3>\n<ul>\n<li>The median home sale price increased 14% from 2019 to $319,978\u2014the highest on record. The 14% year-over-year increase was the largest since August 2013. Since the four-week period ending July 5, home prices have increased 6.6%. Over that same period in 2018 and 2019, prices declined an average of 3.7%.<\/li>\n<li>Pending home sales climbed 29% year over year.<\/li>\n<li>New listings of homes for sale were up 6% from a year ago.<\/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 rate of year-over-year supply declines has remained consistent at this level for the past couple of months.<\/li>\n<li>45.7% of homes that went under contract had an accepted offer within the first two weeks on the market. This has also held relatively steady for the last 16 weeks.<\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.4%\u2014an all-time high and 1.2 percentage points higher than a year earlier.<\/li>\n<li>For the week ending September 20, the seasonally adjusted Redfin Homebuyer Demand Index was up 28.4% from pre-pandemic levels in January and February.<\/li>\n<\/ul>\n<p>\u201cThe recent boost in the number of people listing their homes for sale still falls far short of demand from folks looking to buy homes right now,\u201d said <a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\">Redfin chief economist Daryl Fairweather<\/a>. \u201cUnfortunately, that means little relief for homebuyers, especially those seeking an  affordable home. I don\u2019t expect the double-digit home-price increases to subside before early 2021.\u201d<br \/>\nEven though we\u2019re in a historic seller\u2019s market, it remains critical that sellers price their homes right, according to <a href=\"https:\/\/redfin.com\/real-estate-agents\/mary-bazargan\">Washington, D.C. Redfin listing agent Mary Bazargan<\/a>.<br \/>\n\u201cSome sellers think that because inventory is low and houses are selling quickly, they can afford to overprice their home,\u201d explained Bazargan. \u201cWhen we price a new listing conservatively, we\u2019re getting multiple offers and those homes are often selling above list price, but if we push the price aggressively high, the home tends to sit on the market for a while and won\u2019t get multiple offers.\u201d<br \/>\n<img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_median-price.jpg\" alt=\"Home Sale Prices Up 14% to Another New High\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70369\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_median-price.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_median-price-300x225.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_median-price-1024x768.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_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\/2020-09-20_pending-sales.png\" alt=\"Pending Sales Up 29% From a Year Earlier\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70372\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_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\/2020-09-20_new-listings.png\" alt=\"New Listings of Homes Up 6% From Last Year\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70370\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_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\/2020-09-20_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 28% From 2019\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70368\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_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\/2020-09-20_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-70371\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_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\/2020-09-20_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Climbed to 99.4%\" width=\"1200\" height=\"900\" class=\"aligncenter size-full wp-image-70373\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/09\/2020-09-20_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 20, home prices were up 14%, pending sales rose 29%, and new listings were 6% higher than the same period in 2019.<\/p>\n","protected":false},"author":13505,"featured_media":70369,"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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