Median U.S. Home Price Hits Nearly $320,000, a New Record, Redfin Says

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%

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Home Prices Keep Climbing As National Median Now Up 14% from Last Year

SEATTLE, Sept. 25, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The median home sale price increased 14% from 2019 to $319,978—the highest on record—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The 14% year-over-year increase was the largest since August 2013.

Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 20.

  • 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%.
  • Pending home sales climbed 29% year over year.
  • New listings of homes for sale were up 6% from a year ago.
  • 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
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The Median U.S. Home Value Has Reached a Record High — and That’s Bad News for Buyers

A real estate agent shows a couple with an infant a house.

Image source: Getty Images

With the U.S. economy in a recession, you’d think home prices would be on the decline. But that’s the opposite of what’s going on in the housing market.

The median price of existing home sales in August hit a record high of $310,600, according to the National Association of Realtors. Furthermore, it took just 22 days on average to sell a home in August. How’s that for defying the odds?

Why are home prices soaring?

The reason sellers command such high prices for their homes today boils down to low supply and high demand. Many sellers have held back on listing their homes during the coronavirus pandemic. As a result, there’s less inventory for buyers to choose from, so those who want to purchase homes must pay a premium. Many buyers are engaging in bidding wars, thereby paying well over sellers’ asking prices.

Of course, the

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