Housing Report

Americans are moving on up. Redfin reports that luxury home sales in the United states increased 41.5 percent in the third quarter over a year ago – the largest jump since at least 2013. Comparatively, sales of medium-priced homes increased 3 percent and affordable home sales dropped 4.2 percent, Redfin found. “The luxury housing market normally takes a hit during recessions as wealthy Americans tighten their purse strings, but this isn’t a normal recession,” Redfin chief economist Daryl Fairweather said. “Remote work, record-low mortgage rates and strong stock prices during the pandemic are allowing America’s wealthy families to gobble up expensive houses with home offices and big backyards in the suburbs. Meanwhile, scores of lower- and middle-class Americans have lost…

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…

So much for home sales slowing down in September. Realtor.com reported Thursday that homes sold faster in September than in August for the first time in four years, as buyers are paying about $20,000 more for a typical home and face 25 percent more competition than at the start of 2020. The September monthly housing trends report by realtor.com also found: The number of homes on the market is down 39 percent year-over-year in September equating to 529,000 fewer home listings.Homes sold 12 days faster than last year and three days faster than last month.Median home price was $350,000, up 11.1 percent over last year. “Many buyers tend to put their home search on hold after the start of the…

Home sales are expected to stay hot through the fall before easing back during 2021 – but stay above pre-pandemic levels, according to a new forecast from Zillow. “Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand,” Zillow forecasts. “The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook. “ Zillow says seasonally adjusted home prices are expected to increase another 1.2 percent…

House prices increased 1 percent in July from the previous month – while jumping 6.5 percent from July 2019, according to a report released Wednesday by the Federal Housing Finance Agency. Monthly increases ranged from 0.6 percent in the West North Central division to 2 percent in New England. The yearly increases ranged from 5.4 percent in the West South Central division to 7.7 percent in the Mountain and East South Central divisions. “The dramatic increase in prices this summer can be attributed to the historically low interest rate environment and rebounding housing demand even as the supply of homes for sale remains constrained,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics.…

Coming to a pandemic near you: Escape From New York. Of the top 10 markets that have cooled down since last year, four are New York City boroughs – the Bronx, Queens, Brooklyn and Staten Island, according to a new study released Tuesday by Redfin. Manhattan was excluded from the study due to a lack of data. “People want out of New York City,” local Redfin agent Ken Wile said. “This pandemic has changed everybody’s lives. People who had to commute to the city no longer have to, so they want more space, more value and more nature.” The rankings are based on year-over-year change in home prices, home sales, the share of homes that sold above their list price,…

A pair of housing reports finds that U.S. home prices and sales continue to climb quickly amid a market scarcity and the coronavirus pandemic. A Zillow report found that home values increased 0.7 percent in August to $256,663 – the biggest month over month increase in nearly seven years. Meanwhile, a Redfin report found that home prices in blue counties, red counties and swing counties increased by double digits from a year earlier. “Homeowners in counties of all colors—blue, red and purple—are benefiting from a strong housing market even during this deep recession,” said Redfin chief economist Daryl Fairweather. “Home values are up, which is great financial news if you’re a homeowner, regardless of your politics.” Using 2016 electoral data, Redfin…

Single-family housing starts increased in August at its highest rate since February, the month before the Covid-19 pandemic hit the United States, according to a report released Thursday by the federal government. Overall, housing production fell 5.1 percent due to a large decrease in starts on condos and apartment buildings, the report from the U.S. Department of Housing and Urban Development and the Commerce Department. Single-family starts increased 4.1 percent to 1.02 million. Multifamily starts plummeted 22.7 percent to 395,000. “Consistent with surging builder confidence, single-family starts rose in August to meet rising buyer traffic,” said Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla. “Builders continue to face concerns…