Redfin Reports U.S. Home Prices Rose 0.5% in August, the Biggest Increase in 4 Months
20 of the 50 most populous
Home prices continue to rise in part because there aren’t enough homes for sale. Housing supply is up
“Prices kept creeping up during this unusually slow summer for home sales as mortgage rates came down and supply remained stubbornly low,” said Redfin Senior Economist Sheharyar Bokhari. "If mortgage rates fall further this fall—and we expect they will—price growth will likely pick up as more prospective homebuyers come off the sidelines."
Mortgage affordability could improve as soon as tomorrow, depending on how much the Federal Reserve cuts interest rates.
Metro-Level Summary: Redfin Home Price Index, August 2024
Twenty (
The biggest decline in August was in
To view the full report, including a chart and methodology, please visit: https://www.redfin.com/news/home-price-index-august-2024
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Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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Source: Redfin