(RDFN), News Corporation (NASDAQ:NWS) – Median Home Price Up 16% From Last Year: How Does That Affect The Real Estate Market?
The U.S. median home sale price has reached $361,225, a 16% year-over-year increase, according to new data from Redfin Corp (NASDAQ: RDFN).
In an analysis of housing activity spanning more than 400 metro areas for the four-week period ending Aug. 22, Redfin reported asking prices of newly listed homes were up 10% year-over-year to a median of $351,730, which is down 2.7% from the peak set in the four-week period ending June 27. It is also the lowest level since mid-April.
Pending sales were down 6% from their 2021 peak during the four-week period ending May 30 while new listings of homes for sale were only up by 1% from one year earlier. Homes that sold were on the market for a median of 18 days, up from the all-time low of 15 days in late June and July and down from 34 days during the same period last year.
Redfin also noted that 52% of homes sold above list price, up…