Median Home Price Jumps 14% in September, Marking 14th Consecutive Months of Double-Digit Gains

Redfin, the Seattle-based, technology-powered real estate brokerage, reported in a news release on Friday (10-15-21) that year-over-year the median home sales prices rose 14% in September to $376,800. The September increase marks the 14th consecutive monthly double-digit price gains. However, year-over-year, closed home sales declined -5%, while new listings fell 09%.

In a statement prepared for the news release, Daryl Fairweather, Redfin Chief Economist said, “The severe lack of inventory is restricting home sales. Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized. The homebuyers who are just beginning their search are finding that the well has run dry. But I am hopeful that as it becomes easier to get building materials, we will finally have a strong year for new construction in 2022. That’s what the market needs more than anything.”

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Original Source:
Redfin Reports Fewer Homes for Sale in September; Declining Number of Listings Holds Back Home Sales