U.S. home-sale prices increased 2.7 percent year-over-year in August to a median of $312,200, according to a report from Redfin.
Additionally, Redfin reported that home sales jumped 10.8 percent in August year-over-year — the largest increase since March 2017.The real estate brokerage said home prices have increased between 1 percent and 3 percent year-over-year since September 2018.
“Although home-price gains remained relatively modest in August, supply and demand are now heading back toward sellers’ favor,” Redfin Chief Economist Daryl Fairweather said in a release. “Home sales are accelerating as buyers eat into a diminishing number of homes for sale.
“While these trends are to be expected given that mortgage rates have been declining since late last year, global economic uncertainty and talk of a looming recession in the U.S. are staving off many aspects of hot seller’s market — think bidding wars, fast sales and huge price escalations — at least for now,” Fairweather added.
According to the report, the metropolitan areas that had the biggest price increases in August were Knoxville, Tenn. (15.3 percent), Camden, N.J. (12.7 percent); and Greenville, S.C. (11.8 percent).
A mere six of the 85 largest metropolitan areas Redfin tracks had a year-over-year decline in their median sale price, the largest occurring in San Jose, Calif. (11.6 percent).