Posted: 2020-10-08 20:28:23

U.S. Home Prices Up 15%, Largest Growth Since at Least 2005

Desire for more space by is drastically skewing real estate market prices

From Tim Ellis at Redfin | Real Estate Tips for Home Buying, Selling & More
Originally published 2020-10-08
The median home sale price increased 15% year over year to $320,625—the highest on record. The largest increase ever recorded in the Case-Shiller national home price index (which goes back through 1988) was 14.5% in September 2005. In the week ending October 4, home prices were up 16% from the same week a year earlier. Since the four-week period ending July 5, home prices have increased 6.8%. Over that same period in 2018 and 2019, prices declined an average of 4.4%.
“Large, expensive, luxury homes are taking up a bigger share of the homes that are selling, which is driving a high growth rate for the median sale price,” said Redfin chief economist Daryl Fairweather. “Remote work is increasing demand from affluent people, while middle-income people are more often expected to do their jobs in-person, and many have been affected by furloughs and shutdowns.”
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