Redfin, the technology-powered real estate brokerage, has reported the national median home price year-over-year in June rose 2.8%, to an all-time high of $311,300. Traditionally, home prices peak in June each year before tending down slightly through January. However, given the pent-up demand that remains following the springtime shutdown, this year has been anything but traditional and the report indicates that it is possible prices may continue to rise further before 2020 is over. In prepared remarks, Redfin’s lead economist Taylor Marr said, “Pending home sales are a leading indicator of homebuyer activity, and as of early July we’ve begun to see completed home sales rebound back to last year’s levels. However, there is still plenty of ground to make up as nearly a quarter of a million fewer households have bought a home in the first half of the year compared with the same period last year.”
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U.S. Median Home Sale Price up 3% to a New High in June