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The median home sale price jumped by 15% year-over-year to $320,625, notching the highest point on record according to Redfin. According to Redfin, this increase is out of the norm for the typical seasonal pattern.
The report notes that since the four-week period ending July 5, home prices have increased by 6.8% and over that same period in 2018 and 2019, prices declined by an average of 4.4%. Additionally, the median asking price is up 14.2% from 2019, pending home sales increased 32% year-over-year and new listings of homes for sale increased by 8% from 2019.
"It's remarkable how this late in the year the market remains highly competitive," said Redfin chief economist Daryl Fairweather. "There are still plenty of homebuyers lying in wait for new listings to hit the market. And when homebuyers see their perfect house listed amid the ongoing shortage of homes for sale, they are willing to pay asking price or even more just to make sure the deal goes through before another buyer swoops in. The election may slow down homebuying activity in the coming weeks as buyers and sellers get anxious about the outcome, but once the dust settles, it's likely that there will still be a lot of pent-up demand that will heat things right back up."
"More and more homes are selling above list price lately, which is something I haven't seen here since the build-up to the housing bubble in 2005," said Columbia, SC Redfin real estate agent Jessica Nelson. "The sudden ability that so many people have to work from home is really changing the market, bringing in a lot of out-of-town money, making everything more competitive for homebuyers."