Home prices continue to trek up through mid-October

Home prices continue rise, bucking the usual trend this time of year, as the housing market is seeing no let-up in demand.

The median home sale price rose 15% Y/Y to a fresh record of $3220,625, according to a new Redfin report.

In the week ended Oct. 18, home prices advanced 16% vs. same week a year earlier.

Here's data on the four-week period ended Oct. 18 for 434 U.S. metro areas:

Home prices increased 6.8% since the four-week period ended July 5; over that same period in 2018 and 2019, prices declined an average of 4.4%.

The median asking price of new listings increased 14.2% Y/Y.

Active listings fell 29% from a year ago to a new low.

45.2% of homes that went under contract had an accepted offer within the first two weeks on the market. This measure typically peaks in April or May and declines through the end of the year, but this year it has held steady since late June.

"The election may slow down homebuying activity in the coming weeks as buyers and sellers get anxious about the outcome, but once the dust settles, it's likely that there will still be a lot of pent-up demand that will heat things right back up," said Redfin Chief Economist Daryl Fairweather.