Skip to main content

Redfin: Home Prices Up 5.4 Percent

Nov 19, 2019
Photo credit: Getty Images/Kenishirotie

October home sale prices reached a median of $313,200, a 5.4 percent year-over-year gain, according to data from Redfin. Last month’s increase was the largest since July 2018.
 
Only one of the 85 largest metro areas tracked by Redfin recorded a year-over-year median sale price decline: San Jose, where home prices were 7.2 percent below the October 2018 level.
 
The Washington D.C. metro area, experienced a boom in the year since Amazon announced its second headquarters was coming to the region: the median home price rose 5.1 percent to $410,000. However, Redfin also noted that the 10 metro areas with the biggest gains all had median sale prices below the national median, most notably Camden, N.J. (median price $197,000, up 13.9 percent), Jacksonville, Fla, ($243,179, up 13.1 percent) and Greensboro, N.C. ($178,500, up 10.5 percent).
 
“Low mortgage rates are propping up homebuyer demand and juicing prices,” said Redfin Chief Economist Daryl Fairweather. “However, home sales have been slow to grow since there are so few homes for sale and not many new listings hitting the market, especially affordable ones. The market is split: It's a seller's market for moderately priced homes, but a buyer's market for pricier homes.”
October home sale prices reached a median of $313,200, a 5.4 percent year-over-year gain, according to data from Redfin

 
About the author
Published
Nov 19, 2019
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024