Press release
Realtor.com® Weekly Housing Report: Stubbornly High Home Prices Refuse to Come Down From Their Summer Peak
- Home prices hit record-high growth of 12.9% over last year - The decline in the number of homes for sale shows a slight improvement over last week - Homes
About this update from News Corporation
[{"type":"text","content":"- Home prices hit record-high growth of 12.9% over last year\n - The decline in the number of homes for sale shows a slight improvement over last week\n - Homes are selling nearly two weeks faster than last year\n - Overall market strength remains steady heading toward winter\n\n\nSANTA CLARA, Calif., Oct. 8, 2020 /PRNewswire/ -- During the first week of October, the U.S. median home price remained near its summer peak of $350,000 and hit record-high growth of 12.9% over last year, showing no signs of the usual fall cool down, according to realtor.com®'s Weekly Housing Report for the week ending Oct. 3. The decline in the number of homes on the market improved slightly this week, which may be evidence of high prices enticing more sellers to stay in the market. \n\"While buyers would normally begin to hunker down this time of year, we expect to see an unusually high number remain in the market this fall,\" said Danielle Hale, chief economist at realtor.com®. \"This gives sellers a rare opportunity to get top dollar for their home outside of the prime selling season, which may be motivating some to stay in the market. However, even with record breaking prices, we're not seeing sellers rush into the market with the same eagerness as buyers. Looking forward, a key question is whether this frenzied demand will continue into the spring or if we'll see more balance between home buyers and sellers.\" \nHome prices show no signs of coming down anytime soon \nAfter 21 continuous weeks of price acceleration, the U.S. median listing price grew 12.9% over last year for the week of Oct. 3. This is the largest yearly price growth that's been recorded since 2017. In a normal fall housing market, sellers would be forced to lower their prices in an effort to entice a smaller pool of buyers, but this year has completely bucked the usual trend. The decline in the number of homes on the market improves slightly over last week \nAs of this week, the number of homes on the market is down 38% compared to last year. This is a slight improvement over last week when total inventory was down 39%, but by no means is it the relief many buyers are hoping for. Despite record setting prices and a rapid pace for home sales, sellers remain reluctant to list their home. The number of new listings hitting the market was down 7% compared to this time last year. This...