Despite the ongoing Coronavirus and economic uncertainties, the housing market is sizzling. For the four-week period ending August 9, the median price of sold homes jumped 10%—the largest increase in over six years—hitting a new all-time high of $314,000, according to a new report from real estate company Redfin. Compared to last year, prices were up 12%.

That jump is unusual this time of the year, when home prices typically decline after peaking in late June or early July. 

"With the coronavirus and the presidential election, things have been anything but typical this year," said Redfin agent Brynn Rea. "I don't feel it slowing down at all right now like it usually does."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.