Record-Breaking Housing Market Continues: Prices Climb 11%, Pending Sales Up 15%

Home prices and year-over-year price gains hit another high as prices continued to rise during a time of year that they usually decline, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Pending home sales are also way up from 2019. The fact that the market is so steady continues to be a surprising sign of strength during a time of major economic uncertainty. For the week ending August 16, the seasonally adjusted Redfin Homebuyer Demand Index was up 29% from pre-pandemic levels in January and February. Prices are still showing no signs of the typical seasonal slowdown. The median price of homes that sold during the four-week period ending August 16 was up 11% year over year—the largest increase in over six years—to a new all-time high of $316,375. In the last week of the period, prices were up 14% from a year earlier.