Home prices climb 6.9% in December

HousingWire | January 21, 2020

Home prices climb 6.9% in December
In December, home sale-prices climbed 6.9% year over year, rising to a median of $312,5000 across 217 housing markets, according to new data from Redfin. Month over month, home sale-prices rose 1.1% on a seasonally adjusted basis, marking the largest increase since February of 2018. Daryl Fairweather, Redfin’s chief economist, said December’s price growth is largely attributed to the nation’s relatively low mortgage rates, which boosted homebuyer demand during the month. Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices,” Fairweather said. “Prices heated up in West Coast metros like Seattle and Los Angeles, which indicates the slowdown of 2019 has officially ended in these markets.” According to Redfin’s analysis, the number of homes listed for sale in December increased by 6.8% from the previous year, marking the fifth consecutive month of increases.

Spotlight

Increasing demand from move-down buyers looking to take advantage of recent price appreciation and cash out of homes that are too large.

Spotlight

Increasing demand from move-down buyers looking to take advantage of recent price appreciation and cash out of homes that are too large.

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