Home prices hit a new all-time high of $359,975 in the four-week period ending November 21. This was up 14% year over year, the largest increase since early September. Prices have risen in the past month nearly four times faster than they did at the same time last year. The unseasonable surge in home prices appears to be drawing in more sellers, as the number of homes listed for sale was down less than 3% from 2020, and up 11% from 2019.
“Rising rents and rising prices on everything from gas to groceries may be motivating more people to buy homes now,” said Redfin Chief Economist Daryl Fairweather. “Buying a home is a type of hedge against inflation, especially with mortgage rates still near historic lows. If high inflation persists, a large home mortgage could seem a lot less expensive in just a few years.”
Unless otherwise noted, the data in this report covers the four-week period ending November 14. Redfin’s housing market data goes back through 2012. Comparing today’s market with the pre-pandemic fall market of 2019 highlights how hot the market remains, even as most measures are settling into typical seasonal patterns.
Refer to our metrics definition page for explanations of all the metrics used in this report.
