Median Home Sale Price Sees New High in June
Redfin is reporting that national median home prices were up 2.8% (year-over-year) in June to a record high of $311k, which they say is being powered by record-low mortgage rates. In addition, they report that median prices increased in all but four of the 85 largest metro areas that Redfin tracks.
“The coronavirus hasn’t dragged home prices down; in fact we’ve seen just the opposite—prices are rising in spite of the pandemic,” said Brian Walsh, a Redfin agent in Tampa, where the median home price was up 8% year over year in June. “Every house that is the slightest bit cute, fixed-up and priced right gets multiple offers–some up to 10 or 15. The winning offers are almost always all cash with zero contingencies.”