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Home Prices Increase by Highest Rate in 6 Years

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Home Prices Increase by Highest Rate in 6 Years


September 17, 2020
House figurines on top of increasing coin stacks
By Kanjana

The national median home price increased by 11% in August, but buyers don’t seem to mind. This is the largest annual increase since February 2014 and the median home price now sits at $328,400, according to Redfin. Prices increased in every metro area Redfin tracks but the number of listings is still not enough to meet the demand. More listings are being added to the market, though not enough to quench buyer’s thirst. Month-over-month the total number of homes for sale dropped by 2.3%, but new listings increased by 2.2%.

Median prices increased in every single one of the 85 largest metro areas Redfin tracks. The smallest increase was in New York (+2.7%). Meanwhile, Bridgeport, CT (+30.7%), Memphis, TN (+20.5%) and Tulsa, OK (+19.8%), saw the largest year-over-year increases.

Home sales were up 10.2% in August from a year earlier on a seasonally-adjusted basis, the largest increase in nearly four years.

Home sales increased in August from a year earlier in 56 of the 85 largest metro areas—a slight decrease from July. The largest gains in sales were in Bridgeport, CT (+38.8%), Lake County, IL (+24.5%) and Chicago (+17.1%). The list of markets where sales are falling the most continued to be dominated by New York State, led by Nassau County, NY (-27.5%), Buffalo, NY (-23.7%) and Rochester, NY (-22.6%).

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