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."

 
Published
Aug 15, 2019
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021
Fugo Appoints Bahlman As VP, Client Relations & Sales

Brings 19 Years of Experience To Texas-Based Back-Office Support Company

Industry News
Sep 16, 2021
Envoy Mortgage Expands To Atlanta

Envoy Mortgage lender expanded its Southeast operations to Atlanta, GA.

Industry News
Sep 15, 2021
FHFA Suspends Controversial PSPA Amendments

Today, the FHFA will be suspending controversial provisions added to the Preferred Stock Purchase Agreement (PSPA) on January 14, 2021.

Industry News
Sep 15, 2021
Covius Holdings To Acquire Nationwide Title Clearing

All 670 NTC Employees, Including Senior Management, Will Join Covius

Industry News
Sep 14, 2021
MBA Appoints AVP Of Diversity, Equity, & Inclusion

Promotes Amber Lawrence From Position As Associate Director Of Career Development Programs

Industry News
Sep 14, 2021