Skip to main content

Redfin: Median Home Sale Price at $318K

Phil Hall
Aug 15, 2019
September’s pending home sales data marked a second consecutive month of increases

The median home sale price in July was $318,100, according to new data from Redfin. July’s median price was 3.3 percent higher from one year ago, and it marked the fourth consecutive month that median prices rose.
Only seven of the 85 largest metro areas tracked by Redfin saw a year-over-year decline in their median sale price: Bridgeport, Conn. (-6.2 percent), San Jose (-3.3 percent), New York City (-3.1 percent), Oakland (-2.6 percent), Seattle (-1.7 percent), New Haven, CT (-0.9 percent) and San Diego (-0.2 percent).
But while the median price was ascending, sales were moving in another direction. Last month’s home sales were down 3.4 percent from one year earlier, marking the second consecutive month of declining sales activity. The number of homes for sale in July was also down by 3.4 percent from the previous year, and this marked the first decline in a year. The metro areas with the largest declines in sales were Miami (-22.9 percent), Detroit (-18.9 percent) and New York City (-13.9 percent).
"July home prices and sales were weaker than I had expected, especially given that falling mortgage rates have been luring homebuyers back to the market since early spring," said Redfin Chief Economist Daryl Fairweather. "Even though we've seen increased interest from homebuyers—especially compared to a year ago when mortgage rates were climbing—uncertainties in the overall economy and talk of a looming recession have people feeling jittery about making a huge purchase and investment. But I think the odds are that we won't see a recession within the next year. If rates stay low and the economy continues to grow, we'll see more homebuyers come back in a serious way in 2020, and the market will be much more competitive."

Aug 15, 2019
Rocket Pro TPO Takes the Lead With Early Loan Limit Increase

EVP Mike Fawaz underscores the move's competitive edge, marking the firm's second consecutive year ahead of FHFA's anticipated adjustments.

Oct 02, 2023
Congress Passes Legislation To Extend National Flood Insurance Amid Shutdown Concerns

The move ensures continued flood insurance coverage, essential for many homeowners in high-risk flood areas, during peak hurricane season.

Oct 01, 2023
Equity Prime Mortgage Launches To Recruit Loan Officers

EPM aims to transform 4,000 retail loan officers into loan originators, emphasizing the growing benefits of the wholesale sector in the housing market.

Oct 01, 2023
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Sep 29, 2023
Layoffs At

After a rocky market debut, has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023