Median home price soared +20% y/y in four-week period ending July 18, according to Redfin. Median home price hit record $364,180.
Redfin Reported Record-High of $364,180 in Mid-July
The median home price soared to $364,180 during the four-week period ending July 18. This record high represents an increase of +20% y/y.
In its latest home sale analysis, Redfin also cautioned that it expects the pace of median home price growth to slow due to a new reality that supply and demand imbalances are decreasing.
Demand Easing
According to the seasonally adjusted Redfin Homebuyer Demand Index, demand backed off a bit during the week ending July 18. That said, demand remained up +16% from one year earlier although housing activity in mid-July 2020 was pandemic restricted.
A drop of -6% in mortgage purchase applications during the week ending July 16 from the previous week also indicated a decrease in demand.
Pending home sales were down -11% from their peak 2021 peak during the four-week time period ending May 30.
During the four-week period ending in June 28 2021, pending home sales were up just +9% y/y (compared to the terrible pandemic year). This increase of just +9% y/y reflected the smallest-ever annual increase within this time frame.
Thanks to Redfin and MansionGlobal.
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