{"id":71409,"date":"2020-10-08T09:00:04","date_gmt":"2020-10-08T16:00:04","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71409"},"modified":"2020-10-12T16:42:12","modified_gmt":"2020-10-12T23:42:12","slug":"record-price-growth-in-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/record-price-growth-in-real-estate-market\/","title":{"rendered":"U.S. Home Prices Up a Record 15%"},"content":{"rendered":"<h2 style=\"font-style: italic;\">National median home price hit a new record of $320,625.<\/h2>\n<h3>Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending October 4:<\/h3>\n<ul>\n<li>The median home sale price increased 15% year over year to $320,625\u2014the highest on record in Redfin&#8217;s data, which goes back through 2012. Although it uses a different methodology to measure home prices, it is worth noting that the largest increase ever recorded in the Case-Shiller national home price index (which goes back through 1988) was 14.5% in September 2005. In the week ending October 4, home prices were up 16% from the same week a year earlier. Since the four-week period ending July 5, home prices have increased 6.8%. Over that same period in 2018 and 2019, prices declined an average of 4.4%.<\/li>\n<li>The median asking price of new listings was up 14.0% from a year earlier, an uptick from 12.9% during the four weeks ending September 27.<\/li>\n<li>Pending home sales climbed 26% year over year, the smallest growth rate since the four-week period ending August 16.<\/li>\n<li>New listings of homes for sale were up 4% from a year earlier. This is the first time year-over-year growth in new listings have fallen below 5% since the four-week period ending August 16.<\/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 few months.<\/li>\n<li>45.2% 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 17 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 October 4, the seasonally adjusted Redfin Homebuyer Demand Index was up 34.9% from pre-pandemic levels in January and February.<\/li>\n<li><a href=\"https:\/\/www.mba.org\/2020-press-releases\/october\/mortgage-applications-increase-in-latest-mba-weekly-survey\">Mortgage applications increased 5% week over week during the week ending October 2<\/a>, another indicator that demand remains strong. For the week ending October 8, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates were flat at 2.87%<\/a>. Rates have been below 3% since late July.<\/li>\n<\/ul>\n<p>\u201cLarge, expensive, luxury homes are taking up a bigger share of the homes that are selling, which is driving a high growth rate for the median sale price,\u201d said <a href=\"https:\/\/www.redfin.com\/blog\/author\/darylfairweather\/\">Redfin chief economist Daryl Fairweather<\/a>. \u201cRemote work is increasing demand from affluent people, while middle-income people are more often expected to do their jobs in-person, and many have been affected by furloughs and shutdowns.\u201d<\/p>\n<p>We will continue to track changes in sellers\u2019 asking prices, which tend to precede trends in overall home price growth. Even as sales continue to experience a typical seasonal slowdown, real estate remains firmly in seller\u2019s market territory.<\/p>\n<p>\u201cSellers that are just getting into the market are seeing they can set their asking price a little higher than what they may have expected because inventory is so low and the buyer pool is still growing,\u201d explained <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jim-seifert\">San Antonio Redfin real estate agent Jim Seifert<\/a>. \u201cHomebuying demand is still really strong, which has really pushed multiple offers to a whole new level. You\u2019re not going to see prices go down right now.\u201d<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-70542\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/10\/2020-10-04_median-price.jpg\" alt=\"Home Sale Prices Up 15% to Another New High\" width=\"1200\" height=\"900\" \/><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-70539\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/10\/2020-10-04_pending-sales.png\" alt=\"Pending Sales Up 26% From a Year Earlier\" width=\"1200\" height=\"900\" \/><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-70543\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/10\/2020-10-04_new-listings.png\" alt=\"New Listings of Homes Up 4% From Last Year\" width=\"1200\" height=\"900\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-70541\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/10\/2020-10-04_active-listings.png\" alt=\"Active Listings of Homes For Sale Down 28% From 2019\" width=\"1200\" height=\"900\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-70544\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/10\/2020-10-04_off-market-in-2-weeks.png\" alt=\"45% of Pending Sales Under Contract Within Two Weeks\" width=\"1200\" height=\"900\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-70540\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/10\/2020-10-04_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Climbed to 99.4%\" width=\"1200\" height=\"900\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>National median home price hit a new record of $320,625. Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending October 4: The median home sale price increased 15% year over year to $320,625\u2014the highest on record in Redfin&#8217;s data, which goes back through 2012. Although it uses a different methodology [&hellip;]<\/p>\n","protected":false},"author":13505,"featured_media":71410,"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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60,8,22],"tags":[32],"dashboard":[],"coauthors":[],"class_list":["post-71409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","category-market-tracker","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.6) - 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