Home Prices Rose 11% in August—Biggest Gain in Over 6 Years

September 17, 2020 by

The housing market in August resembled a game of musical chairs, as high home prices and low mortgage rates began to draw more sellers to the market: New listings climbed 5%, fueling a 30% increase in pending sales.

The national median home price rose 11% year over year to $328,400 in August—the largest annual increase since February 2014. As has been the case for most of the summer, low mortgage rates drove homebuyer demand, but the supply of homes for sale has fallen to another new low.

“The supply of homes

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Coastal Migrants Keep Las Vegas Home Prices High, Up 8% in August

People moving in from expensive cities and locals with changing needs are contributing to rising home prices and fast sales even as the tourism industry takes the brunt of the pandemic’s economic impact.

The typical home-sale price in the Las Vegas metro grew 7.8% year over year to $310,000 in August. More than 41% of homes sold within two weeks of going on the market, up from 28.3% last year. 

Meanwhile, the unemployment rate in the Las Vegas area—where much of the economy depends on the tourism industry, heavily impacted by the coronavirus pandemic—stood at 16.4% in July (the

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Black Homebuyers Face Bigger Price Increases and a Deeper Housing Shortage

Black homebuyers, who are less likely than their white counterparts to have jobs that can be done remotely, face higher home prices as white homebuyers move to more affordable suburbs

Home prices in neighborhoods where Black people bought homes in 2019 were up 7% in July. That’s higher than the 6% price increase in neighborhoods where white people purchased homes last year. The pace of price growth remained unchanged from pre-pandemic rates in February in both groups of neighborhoods. 

For this analysis we analyzed data on home sales during the pandemic looking separately at Census tracts where Black people bought

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iBuyer Home Purchases Fell 88% as the Pandemic Paused Business

September 11, 2020 by

iBuyers purchased the fewest homes in more than three years last quarter as the coronavirus pandemic put business on pause. But the market is now making a comeback, with iBuyers seeing a rebound in demand—and even bidding wars—from homeowners who are in search of quick cash and a safe way to sell during the pandemic.

The nation’s top iBuyers bought 880 homes in the second quarter, or 0.1% of homes that sold across the 418 U.S. metros tracked by Redfin, as they slowly reopened after suspending business at the beginning of

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Home Prices Up 13%, Biggest Increase Since 2013

September 11, 2020 by

Buyers seem undeterred, as pending sales soar 28% and a 9% increase in new listings brings little relief.

Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 6:

  • Median home sale price increased 13% from 2019 to $319,178—the highest on record. The 13% year-over-year increase was the largest since October 2013.
    Pending home sales climbed 28% year over year, the largest increase since the four weeks ending August 2, 2015.
  • New listings of homes for sale were up 9% from a year ago—the largest increase
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