Skip to main content

Redfin: Home Prices Up 5.4 Percent

Phil Hall
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

Supreme Court Gives Biden Full Control Over Federal Housing Finance Agency

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021