Median Home Price Up 16% Year-Over-Year, According to Redfin’s Latest Home Sales Report

Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in the 4-week period ending Sunday, August 22, 2021, the national median home sales price increased 16% year-over-year to $361,225. During the same period of time, the share of home sellers dropping their price each week rose to 5.1%. Pending home sales are still 10% ahead of this time last year.

In remarks prepared for the release of the report, Daryl Fairweather, Redfin’s Chief Economist said, “Demand for homes is making a comeback because even though home prices are high and competition is still steep, homebuyers don’t have many alternatives but to keep trying. This continued demand for homes is enticing more homeowners to sell in order to avoid the fear of missing out on historically high prices. This enthusiasm from both buyers and sellers is translating into continued growth in pending sales compared to last year.”