Year-Over-Year U.S. Median Home Prices Increased 16% with New Listings Up 9%

According to Redfin (www.redfin.com) the Seattle-based technology powered real estate brokerage firm, the median U.S. home price increased 16% year-over-year (November 2019 – November 2020) to $ 322,828, the highest level currently on record. New listings were up 9% from a year earlier but were at their lowest level since the first week of May 2020. Active listings (the number of homes listed for sale at any point during the period) fell -29% from 2019, to a new all-time low. In remarks prepared for the report Redfin chief economist Daryl Fairweather said, “Sellers continue to be in the driver’s seat when it comes to pricing. And with mortgage rates hitting new record lows nearly every week recently, buyers are tolerant of higher prices. The lack of new listings will put a lid on home sales through the end of year. The few desirable homes put on the market will receive competitive bids, while sellers who don’t get any bites from buyers will give up and take their homes off the market.”