Redfin August Report: No Slowdown for the Housing Market
For the four week period ending August 30, the housing industry saw more record breaking median home price increases and home inventory shortages. Active listings dropped by 28% from last year, a new all-time low, says Redfin. In addition, median home sale prices jumped 12% compared to last year, making it the highest increase on record. The median home sale price is now $318,473. Nearly all of Redfin’s listings were accepted just at asking price, making the average sale-to-list price ratio 99.2%, another all-time high. Pending sales grew by 21% year over year during the four-week period. One Boise, Idaho Redfin agent described the intense demand mixed with low inventory as “a complete storm of insanity,” as buyers enter the market from other states.