Amid intense market demand and low inventory, the U.S. median home price hit a new high of $319,769 in the four weeks ending Sept. 27, according to Redfin.

Amid intense market demand and low inventory, the U.S. median home price hit a record high of $319,769 in the four weeks ending September 27, according to Redfin.

The 14 percent year-over-year increase was the largest annual uptick since August 2013.

Likewise, since the four-week period ending July 5, home prices have increased 6.5 percent. By contrast, during that same period in both 2018 and 2019, home prices decreased by 4.2 percent on average.

The pause in the market that took place during spring homebuying months led to pent up demand and, subsequently, spring-like activity in the market that’s continued into fall. Pending sales were up 30 percent year over year and the median asking price of new listings was up 12.8 percent year over year, down from its peak of a 15.7 percent growth rate in the four-week period ending August 30.

Daryl Fairweather

Daryl Fairweather | Credit: Redfin

“The question on everyone’s mind is ‘How fast can prices keep rising?'” Redfin Chief Economist Daryl Fairweather said in the report. “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 homesellers, who definitely have had it very good for a very long time.”

Meanwhile, active listings fell 28 percent year over year to a new all-time low while the average sale-to-list price ratio (how close homes sell to their asking prices) rose to an all-time high of 99.4 percent.

Nearly half of homes that went under contract had an accepted offer within the first two weeks on the market.

Email Lillian Dickerson

home selling
Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription