Residence Costs Simply. Maintain. Climbing. Nationwide Median Now Up 14% from Final Yr

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September 25, 2020 by

Pending gross sales rose 29%, and new listings jumped 6% from final 12 months

Key housing market takeaways for 434 U.S. metro areas in the course of the 4-week interval ending September 20:

  • The median residence sale value elevated 14% from 2019 to $319,978—the very best on file. The 14% year-over-year improve was the most important since August 2013. Because the four-week interval ending July 5, residence costs have elevated 6.6%. Over that very same interval in 2018 and 2019, costs declined a mean of three.7%.
  • Pending residence gross sales climbed 29% 12 months over 12 months.
  • New listings of houses on the market have been up 6% from a 12 months in the past.
  • Energetic listings (the variety of houses listed on the market at any level in the course of the interval) fell 28% from 2019 to a brand new all-time low. The speed of year-over-year provide declines has remained constant at this stage for the previous couple of months.
  • 45.7% of houses that went beneath contract had an accepted provide inside the first two weeks in the marketplace. This has additionally held comparatively regular for the final 16 weeks.
  • The common sale-to-list value ratio, which measures how shut houses are promoting to their asking costs, rose to 99.4%—an all-time excessive and 1.2 share factors increased than a 12 months earlier.
  • For the week ending September 20, the seasonally adjusted Redfin Homebuyer Demand Index was up 28.4% from pre-pandemic ranges in January and February.

“The current increase within the variety of individuals itemizing their houses on the market nonetheless falls far wanting demand from people seeking to purchase houses proper now,” stated Redfin chief economist Daryl Fairweather. “Sadly, meaning little aid for homebuyers, particularly these in search of an inexpensive residence. I don’t count on the double-digit home-price will increase to subside earlier than early 2021.”

Regardless that we’re in a historic vendor’s market, it stays important that sellers value their houses proper, in keeping with Washington, D.C. Redfin listing agent Mary Bazargan.

“Some sellers suppose that as a result of stock is low and homes are promoting rapidly, they will afford to overprice their residence,” defined Bazargan. “After we value a brand new itemizing conservatively, we’re getting a number of presents and people houses are sometimes promoting above record value, but when we push the worth aggressively excessive, the house tends to sit down in the marketplace for some time and received’t get a number of presents.”

Home Sale Prices Up 14% to Another New High

Pending Sales Up 29% From a Year Earlier

New Listings of Homes Up 6% From Last Year

Active Listings of Homes For Sale Down 28% From 2019

46% of Pending Sales Under Contract Within Two Weeks

Sale-to-List Price Ratio Climbed to 99.4%

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