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SEATTLE, September 16, 2021 / PRNewswire / – (NASDAQ: RDFN) – The national median home sales price rose 16% year over year $ 380,271 in August, according to a new report from Redfin (www.redfin.com), the technology-driven real estate agent. This is the 13th consecutive month of double-digit gains, but the lowest growth rate since February.
“When it comes to home prices in this market, whatever goes up remains,” said Redfin chief economist Daryl good weather. “This is especially true in the sun belt; home prices have increased by more than 20% compared to the previous year Austin and Phoenix. Despite these steep increases, homes are still relatively affordable in these areas, so these and other hot migratory destinations will continue to attract home buyers from the coasts. With workers changing jobs en masse and the extended unemployment benefits expiring, even more households could move in the coming months for reasons of affordability. “
|
Market overview |
August 2021 |
month for month |
year for year |
|
Median sales price |
$ 380,300 |
-1.0% |
16.2% |
|
Sold apartments, seasonally adjusted |
594.200 |
-1.4% |
-6.0% |
|
Outstanding sales, seasonally adjusted |
593.100 |
6.1% |
7.0% |
|
New advertisements, seasonally adjusted |
640,500 |
-6.1% |
-6.4% |
|
All properties for sale, seasonally adjusted |
1,405,700 |
-0.2% |
-19.1% |
|
Median days on the market |
16 |
1 |
-fifteen |
|
Months of delivery |
1.3 |
0 |
-0.4 |
|
Sells above list |
51.9% |
-3.7 points † |
19.6 points † |
|
Median off-market Redfin estimate |
$ 357,100 |
0.9% |
14.5% |
|
Average sale-to-list |
101.6% |
-0.6 points † |
2.4 points † |
|
Average fixed-rate mortgage over 30 years |
2.84% |
-0.03 points † |
-0.1 points † |
|
† – “pts” = change in percentage points |
|||
Average sales prices increased year over year in all but two of Redfin’s 85 largest metro areas: Milwaukee, Wisconsin (-1.6%) and Bridgeport, CT (-1.1%). Both metropolitan areas had seen significant price increases a year ago, with prices increasing 14% and 30% respectively in August 2020, compared to a nationwide increase of 11%. They could have overheated in the last year, and prices have slowed since then, causing a slight drop in the latest data. The biggest price increases in August 2021 were in Austin, TX (+ 36%), followed by Phoenix, AZ (+ 25%) and Salt Lake City, UT (+ 24%).
Seasonally adjusted home sales declined 6% year over year in August, the first annual decline in 15 months. They were also down 1.4% on July. Compared to August 2020, Home sales fell in 44 of Redfin Tracks’ 85 largest metropolitan areas. The biggest drops in sales were in New Orleans, LA (-23%), Salt Lake City, UT (-16%) and Warren, MI (-14%). The greatest increases were recorded where sales were still somewhat depressed during the year August 2020including New York, NY (+ 65%), Honolulu, HI (+ 47%) and Nassau County, NY (+ 32%).
Seasonally adjusted active listings – the number of homes for sale at any point during the month – declined 19% year over year, the smallest decrease since April. Only four of the 85 largest subways covered by Redfin saw year-over-year increases in seasonally adjusted active listings of properties for sale: Austin, TX (+ 5%), Virginia Beach, Virginia (+ 4%), Columbus, OH (+ 3%) and Milwaukee, Wisconsin (+ 1%). The biggest year-on-year declines in active housing supply were in July Baton Rouge, LA (-53%), North Harbor, FL (-44%) and West Palm Beach, Florida (-37%).
Seasonally adjusted new home offers for sale declined 6% yoy in August, the first decline since February. In 56 of the 85 largest metropolitan areas, new entries fell compared to the previous year. The biggest declines were in Baton Rouge, LA (-55%), Allentown, PA (-49%) and St. Louis, MO (-39%). The number of new entries rose the most compared to the previous year in McAllen, TX (+ 27%), Virginia Beach, Virginia (+ 17%) and Tulsa, OK (+ 15%).
Competition in the housing market, which is based on completed house sales, weakened further in August compared to the records set in June. The typical house sold in August went under contract in 16 days – about half the length of the previous year, when the median house sold in 31 days, but one day more than the record low in June.
In August, 52% of the apartments were sold above list price, 4 percentage points less than the record high in June, but 20 percentage points more than a year earlier. The average list price ratio also fell slightly in July to 101.6%, after a record high of 102.5% in June, but over 99.2% in the previous year.
To read the full report with graphs and additional metro-level data, please visit: https://www.redfin.com/news/august-home-price-gains-slow-to-16pct/
About Redfin
Redfin (www.redfin.com) is a technology-driven real estate company. We help people find a home through brokerage, home buying (iBuying), rentals, lending, property insurance, and renovation services. We sell houses for more money and we charge half the fee. We also run the leading real estate agent site in the country. Our home buyers see homes first on on-demand tours, and our credit and property services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our home renovation team fix their home to sell it for the highest dollar. Our rental business enables millions of people across the country to find apartments and houses for rent. Since our introduction in 2006, we have had more than $ 1 billion at commissions. We serve more than 100 markets in the US and Canada and employ over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin ‘s press release distribution list, email at [email protected]. To view the Redfin press center, click here.
SOURCE Redfin
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