Rising home prices, increasing sales and fewer days on market characterized a historic September in the United States, according to a report issued Monday by Redfin.
Home prices shot up 14.4 percent year over year to $333,900 during September, the largest annual increase in sales price since at least 2012 when Redfin began tracking the data, according to a report Monday from Redfin.
Home sales were also up by 17.6 percent from the previous year on a seasonally adjusted basis, another record-breaking metric since Redfin began tracking the data. Likewise, homes sold in September went under contract in 29 days, the fastest pace on record, and 12 days fewer than the previous year.
Amid record-low mortgage rates, widespread low inventory and a pandemic-fueled frenzy for homes over the past few months, the real estate market has remained resilient during a time of crisis.
“2020 will be known for