August marks 13th consecutive month of price hike
According to Redfin, average home selling prices nationwide rose 16% in August compared to a year earlier, to $380,271.
As per the latest of real estate brokerages report good, August marks double-digit price growth for the 13th consecutive month.
Compared to a year ago, average selling prices increased in each of the 85 largest metro areas tracked by Redfin, except Milwaukee, Wisconsin and Bridgeport, Connecticut, where prices fell 1.6% and 1.1%, respectively.
According to Redfin, Milwaukee and Bridgeport already saw “significant price gains from a year ago,” with prices rising 14% and 30%, respectively.
By comparison, Austin, Texas as well as Phoenix, Arizona and Salt Lake City, Utah saw the biggest price gains, increasing 36%, 25%, and 24%, respectively.
“When it comes to home prices in this market, what goes up stays up,” said Daryl Fairweather, chief economist at Redfin.
Get Granthshala Business on the go by clicking here
However, even with sharp price increases, “homes in these areas are still relatively affordable, so these and other hot migration destinations will continue to attract home buyers from the shores,” according to Fairweather.
Fairweather further forecasts that even more families may move to more affordable areas within the coming months as “workers collectively change jobs and increased unemployment benefits run out.”
According to Redfin, the biggest increase in the price of the house in the five metros
At the same time, according to Redfin, seasonally adjusted home sales were down 6% in August compared to this time last year, the first annual decline in 15 months.
Home sales declined in 44 of the 85 largest metro areas, with the biggest drops in New Orleans, Louisiana as well as Salt Lake City, Utah and Warren, Michigan.
By comparison, New York, New York, as well as Honolulu, Hawaii and Nassau County, New York, had the largest increases in seasonally adjusted home sales.
According to Redfin, however, “home market competitiveness measures based on absolute home sales eased in August from the all-time record set in June.”
Still, 52% of homes sold above their list price last month.