Key Highlights
- According to Redfin, median home price increased to $320,644
- Pending sales +31%
- New listing increased by +8%
Here are Redfin’s key takeaways for 434 metros during a four-week period ending October 11:
- Median home sale price came in at $320,644, an increase of +14.9% y/y
- Median asking price for new listings increased +14.2$ over year earlier
- Pending sales up +30.7% y/y but still below the September peak
- New listings of for-sale homes up +7.5% but still below the September peak
- Active listings dropped -28.5% from 2019, a new all-time low
- 1% of hold went under contract with an accepted offer within first 14 days on the market
- Average sale-to-list price ratio increased to 99.5%, a record high
- Homebuyer demand was up +40.3% from pre-pandemic January and February levels, according to the seasonally adjusted Redfin Homebuyer Demand Index
Redfin’s chief economist Daryl Fairweather said, “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 form anywhere during the pandemic. Those tailwinds aren’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.”
That said, some agents, such as Jasen Oda with Redfin in Seattle, are saying that their buyers “are starting to say that they’d rather wait until next year to purchase a home, in hopes that prices will come down and competition will taper off.”
Other recent Redfin data suggests that more than half of US buyers and sellers intend to wait until after the election to either purchase or sell a home.
Thanks to Redfin.
Also read: Elliman Challenges StreetEasy’s (Zillow’s) Latest Move to Manual Listings Entry, Homeownership Too Expensive for Average Workers in Q3 2020, No One Paying Full List Price in Greenwich
