News Releases
"October very well may have been the hottest the housing market gets this year," said Redfin chief economist
"The market has definitely slowed in just the last couple of weeks, said Atlanta Redfin real estate agent
Median prices increased in all but one of the 85 largest metro areas Redfin tracks. The only metro area where prices fell from a year earlier was
It's likely that the big price gains in
Market Summary |
|
Month-Over-Month |
Year-Over-Year |
Median sale price |
|
0.9% |
14.2% |
Homes sold, seasonally-adjusted |
657,900 |
3.8% |
23.9% |
Pending sales, seasonally-adjusted |
617,700 |
4.2% |
36.1% |
New listings, seasonally-adjusted |
691,200 |
2.7% |
11.6% |
All homes for sale, seasonally-adjusted |
1,658,700 |
-1.4% |
-22.1% |
Median days on market |
28 |
-1 |
-15 |
Months of supply |
1.5 |
-0.1 |
-1.4 |
Sold above list |
34.8% |
0.7 pts† |
12.7 pts† |
Median Off-Market Redfin Estimate |
|
1.5% |
6.2% |
Average Sale-to-list |
99.5% |
0.1 pts† |
1.3 pts† |
† - "pts" = percentage point change |
Home sales were up 24% in October from a year earlier on a seasonally-adjusted basis, the largest increase on record (this Redfin data series goes back through 2012).
The number of homes sold in October was up from a year earlier in all 85 of the largest metro areas. The largest gains in sales were in
Active listings—the count of all homes that were for sale at any time during the month—fell 22% year over year to their lowest level on record in October, the 15th-straight month of declines.
Only three of the 85 largest metros tracked by Redfin posted a year-over-year increase in the count of seasonally-adjusted active listings of homes for sale:
Compared to a year ago, the biggest declines in active housing supply in October were in
The number of new listings of homes for sale increased 12% in October from a year earlier, the largest year-over-year increase since
Measures of competition such as time on market and the share of homes sold above list price hit new records in October as they once again bucked the usual seasonal trend. This ongoing market dynamic is the result of a severe imbalance between the number of homebuyers and sellers in the market.
The typical home that sold in October went under contract in 28 days—16 days less than a year earlier, and a new all-time low.
Typically by this time of year, the market is well into a seasonal pattern where homes spend more time on the market and the share of homes that sell above list price declines. This year, seasonality is out the window as the market stays hot despite the ongoing pandemic and recession.
In October 35% of homes sold above list price—the highest level in Redfin's data, which goes back through 2012—up from 22% a year earlier.
To read the full report, including charts and additional metro-level data highlights, please visit: https://www.redfin.com/news/home-sales-surge-24-percent/.
About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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SOURCE Redfin
Redfin Journalist Services: Erin Osgood, 206-588-6863, press@redfin.com