Home prices climbing at record pace in U.S.

Home prices climbing at record pace in U.S.

Home prices climbing at record pace in U.S.
The median sale price a home in the U.S. saw its largest increase ever in last week according to new data. A report from Redfin analyzing information from the Case-Shiller national home price index showed that prices jumped 15 percent year-over-year during the week ending October 4. This beats the previous record of 14.5 percent set in September 2005.

“Remote work is increasing demand from affluent people,” said Redfin’s chief economist Daryl Fairweather. “Large, expensive, luxury homes are taking up a bigger share of the homes that are selling, which is driving a high growth rate for the median sale price.”

The median home sale price in the U.S. was $320,625 as of last week, compared to $279,090 last year. In San Diego, that figure is closer to $732,560.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

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