The median home sale price surged 14 percent in September, the largest price jump in more than seven years, according to a new report released by Redfin.
As of September 27, the median sale price was $319,769 is the highest on record. US home sale prices have increased 6.5 percent since early July, the Redfin report found.
The report also found:
- The median asking price of new listings was up 12.8 percent from a year earlier.
- Pending home sales climbed 30 percent year over year.
- New listings of homes for sale were up 5 percent from a year earlier, and year-over-year growth in new listings have been above 5 percent since the four-week period ending August 16.
“The question on everyone’s mind is ‘how fast can prices keep rising?’” Redfin chief economist Daryl Fairweather said. “Although the housing market is still red-hot, there are some early signs we may be nearing peak price growth. Sellers’ asking prices are still up significantly from last year, but by a lower rate than they were growing during the summer. Mortgage applications are also beginning to wane, and more new listings are coming onto the market. This is likely to be as good as it gets for home sellers, who definitely have had it very good for a very long time.”