U.S. home prices surged to new heights in September, though there are signs the country’s frenzied housing market may be cooling off, according to a new report.
The median home sold for $319,769 in the four weeks ending Sept. 27, a 14% increase from a year ago and the highest price on record, according to the report from real estate firm Redfin on Monday. U.S. home prices haven’t increased that dramatically since mid-2013.
The pandemic, which forced millions of Americans to shelter, work and school at home, has spurred intense home-buying activity. Pending sales were up 30% year-over-year in September, according to the Redfin report.
Redfin created their own measure of demand recovery, an index that in the last week of September was 34.8% higher than pre-pandemic levels in January and February.
Meanwhile, the number of active listings on the market hit a new all-time low in September, with 28%