11/24/2021 | Press release | Distributed by Public on 11/24/2021 16:52
SEATTLE, Nov. 24, 2021 /PRNewswire/ -- (NASDAQ: RDFN) - Home prices hit a new all-time high of $359,975 in the four-week period ending November 21, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This was up 14% year over year, the largest increase since early September.
Prices have risen in the past month nearly four times faster than they did at the same time last year. The unseasonable surge in home prices appears to be drawing in more sellers, as the number of homes listed for sale was down less than 3% from 2020, and up 11% from 2019.
"Rising rents and rising prices on everything from gas to groceries may be motivating more people to buy homes now," said Redfin Chief Economist Daryl Fairweather. "Buying a home is a type of hedge against inflation, especially with mortgage rates still near historic lows. If high inflation persists, a large home mortgage could seem a lot less expensive in just a few years."
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending November 21. Redfin's housing market data goes back through 2012.
Other leading indicators of homebuying activity:
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-home-prices-hit-new-high/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. 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 about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, click here.
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SOURCE Redfin
Redfin Journalist Services: Kenneth Applewhaite, 206-588-6863, [email protected]