{"id":71542,"date":"2020-10-19T11:39:11","date_gmt":"2020-10-19T18:39:11","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71542"},"modified":"2022-10-26T13:06:37","modified_gmt":"2022-10-26T20:06:37","slug":"real-estate-housing-market-prices-hit-record","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-estate-housing-market-prices-hit-record\/","title":{"rendered":"Housing Market Update: U.S. Home Prices Rise 15% to Another All-Time High"},"content":{"rendered":"<h2><i><span style=\"font-weight: 300;\">Median home price climbs to $320,644 as demand outpaces supply, with pending sales up 31% and new listings growing 8%.<\/span><\/i><\/h2>\n<h3><span style=\"font-weight: 400;\">Key housing market takeaways for 434 U.S. metro areas during the four-week period ending October 11:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The median home sale price increased 14.9% year over year to $320,644\u2014the highest value on record<\/span><span style=\"font-weight: 400;\"> in Redfin\u2019s data.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The median asking price of new listings was up 14.2% from a year earlier\u2014the highest growth rate since the four-week period ending August 30.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pending home sales climbed 30.7% year over year, a slight uptick from the 28.6% growth rate we saw during the four weeks ending Oct. 4, but still below the September peak.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New listings of homes for sale were up 7.5% from a year earlier, an acceleration from 4.5% during the four weeks ending October 4, but still below the early September peak.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) fell 28.5% from 2019 to a new all-time low.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">45.1% of homes that went under contract had an accepted offer within the first two weeks on the market. This metric has held relatively steady since June.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.5%\u2014a record high and 1.3 percentage points higher than a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For the week ending October 11, the seasonally adjusted Redfin Homebuyer Demand Index was up 40.3% from pre-pandemic levels in January and February.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">&#8220;The housing market has been red hot as a wave of opportunistic homebuyers has taken advantage of record-low mortgage rates and the flexibility to work from anywhere during the pandemic,&#8221; said Redfin chief economist<\/span><a href=\"https:\/\/www.redfin.com\/blog\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\"> Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. &#8220;Those tailwinds aren&#8217;t going away, so we may see a new wave of buyers in the new year, as people reevaluate whether their living situations really make sense given just how much the world has changed.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cPrices are still strong, demand is still high and bidding wars are still intense, but a lot of my buyers are starting to say that they\u2019d rather wait until next year to purchase a home, in hopes that prices will come down and competition will taper off,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jasen-oda\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Jasen Oda<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in <a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\" target=\"_blank\" rel=\"noopener noreferrer\">Seattle<\/a>. \u201cThere\u2019s also a lot of uncertainty due to the election. I have one buyer who wants to make an offer contingent on selling his home, but he doesn&#8217;t want to list his property during the week of the election.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">More than half (57.1%) of U.S. homebuyers and sellers plan to wait until after the election to purchase or sell a home, according to a Redfin survey of 900 people conducted in October.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-71543 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-chart-sale-price.png\" alt=\"\" width=\"1331\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-chart-sale-price.png 1331w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-chart-sale-price-300x203.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-chart-sale-price-1024x692.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-chart-sale-price-768x519.png 768w\" sizes=\"(max-width: 1331px) 100vw, 1331px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-71544\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/pending-sales-weekly-chart.png\" alt=\"\" width=\"1314\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/pending-sales-weekly-chart.png 1314w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/pending-sales-weekly-chart-300x205.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/pending-sales-weekly-chart-1024x701.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/pending-sales-weekly-chart-768x525.png 768w\" sizes=\"(max-width: 1314px) 100vw, 1314px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-71545\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-new-listings.png\" alt=\"\" width=\"1314\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-new-listings.png 1314w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-new-listings-300x205.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-new-listings-1024x701.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-new-listings-768x525.png 768w\" sizes=\"(max-width: 1314px) 100vw, 1314px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-71546\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-active-listings.png\" alt=\"\" width=\"1314\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-active-listings.png 1314w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-active-listings-300x205.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-active-listings-1024x701.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-active-listings-768x525.png 768w\" sizes=\"(max-width: 1314px) 100vw, 1314px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-71547\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-contract-2-weeks.png\" alt=\"\" width=\"1318\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-contract-2-weeks.png 1318w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-contract-2-weeks-300x205.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-contract-2-weeks-1024x698.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/weekly-contract-2-weeks-768x524.png 768w\" sizes=\"(max-width: 1318px) 100vw, 1318px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-71548\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/sale-to-list.png\" alt=\"\" width=\"1314\" height=\"899\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/sale-to-list.png 1314w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/sale-to-list-300x205.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/sale-to-list-1024x701.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/sale-to-list-768x525.png 768w\" sizes=\"(max-width: 1314px) 100vw, 1314px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2014the highest value on record in Redfin\u2019s data. [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":71543,"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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