During October, home-sale prices increased 5.4 percent year-over-year to a median of $313,200, according to a report from Redfin.
The brokerage said the increase in October was the largest since July 2018.
“Low mortgage rates are propping up homebuyer demand and juicing prices,” Redfin Chief Economist Daryl Fairweather said in a release. “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,” Fairweather said.
According to the report, the 10 metropolitan areas with the biggest increase in median home price in October were all places with prices below the national median.
The largest increase in median home price in October was in Camden, N.J. (median price $197,000, up 13.9 percent); followed by Jacksonville, Fla. ($243,179, +13.1 percent); Greensboro, N.C. ($178,500, +10.5 percent). San Jose, Calif., was the only metropolitan area that had a decline in median home price in October. House prices there fell 7.2 percent.
Redfin identified the markets with the biggest increases in home sales during October as Virginia Beach, Va. (+19.6 percent); Greensboro, N.C.(+17.3 percent); and Greenville, S.C. (+16.3 percent).
The largest declines in homes sales during October were in Salt Lake City, (-44.6 percent); Albuquerque, N.M. (-43.4 percent); and Tacoma, Wash. (-32.9 percent).