Median Home Price Hits Record
U.S. Home Prices Up a Record 15%
The median home sale price increased 15 percent year-over-year to $320,625—the highest on record, according to a report from Redfin.
Redfin said the previous largest increase ever recorded in the Case-Shiller national home price index was 14.5 percent in September 2005.
“Large, expensive, luxury homes are taking up a bigger share of the homes that are selling, which is driving a high growth rate for the median sale price,” Redfin Chief Economist Daryl Fairweather said in a release. “Remote work is increasing demand from affluent people, while middle-income people are more often expected to do their jobs in-person, and many have been affected by furloughs and shutdowns.”