{"id":781303,"date":"2023-08-31T08:21:46","date_gmt":"2023-08-31T12:21:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/"},"modified":"2023-08-31T08:21:46","modified_gmt":"2023-08-31T12:21:46","slug":"redfin-reports-miami-home-prices-are-up-17-from-a-year-ago","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/","title":{"rendered":"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Redfin Reports Miami Home Prices Are Up 17% From a Year Ago<\/b><\/p>\n<p class=\"bwalignc\"><i>Nationwide, home prices are up 5% year over year<\/i>\u2014<i>the biggest increase in 10 months<\/i>\u2014<i>due to a severe lack of homes for sale<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014The median home-sale price in Miami rose 17% from a year earlier during the four weeks ending August 27, the biggest increase the metro area has seen since October 2022. This is according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-home-prices-increase-miami&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=0e96871be2534c44719b601fc0373f77\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=ea17a8e33373528a5def21430b445e92\">redfin.com<\/a>), the technology-powered real estate brokerage. That\u2019s also the biggest increase of the 50 most populous U.S. metros, though almost all of those metros posted year-over-year price gains in August. Prices declined in just six metros, half of them in Texas: Austin, Phoenix, Portland, OR, Fort Worth, Las Vegas and San Antonio.<\/p>\n<p>\nNationwide, the median home-sale price rose 5% year over year to $380,000, the biggest uptick in 10 months. The typical monthly mortgage payment hit an all-time high of $2,649.<\/p>\n<p>\nHome prices are rising due to a severe inventory shortage: The total number of U.S. homes for sale is down 19%, the biggest drop since February 2022, and new listings are down 10%. Supply is low because homeowners are hanging onto their low mortgage rates; nearly all homeowners have a rate below 6%, and rates are now hovering around 7%. The lack of homes for sale is causing competition for desirable homes despite high mortgage rates and a relatively small pool of buyers. Pending sales declined 14% year over year and mortgage-purchase applications declined 27%, hovering near their lowest level in about 30 years. Another reason for the big year-over-year price increase is that prices came down rapidly at this time last year, with rising mortgage rates sidelining buyers.<\/p>\n<p>\nMiami\u2019s outsized home-price increase is a slightly different story. Unlike most U.S. metros, Miami prices never posted an annual drop in the first half of 2023, as elevated mortgage rates were deterring many homebuyers. That\u2019s partly because Miami has a supply shortage, like the rest of the country. But it\u2019s also because Miami attracts an influx of out-of-town buyers and investors, despite increasing risk of climate-driven natural disasters such as hurricanes and flooding. Those buyers are often undeterred by high mortgage rates because they pay cash; two in five recent Miami homebuyers paid all cash.<\/p>\n<p><b>Leading indicators of homebuying activity:<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe daily average 30-year fixed mortgage rate was 7.06% on August 30, down from a peak of 7.49% a week earlier. For the week ending August 24, the average 30-year fixed mortgage rate was 7.23%, up from 7.09% a week earlier and the highest level in more than 20 years.<\/p>\n<\/li>\n<li>\nMortgage-purchase applications during the week ending August 25 increased 2% from a week earlier, seasonally adjusted. Purchase applications were down 27% from a year earlier.<\/p>\n<\/li>\n<li>\nThe seasonally adjusted Redfin Homebuyer Demand Index\u2013a measure of requests for tours and other homebuying services from Redfin agents\u2013was up just slightly (about 1%) from a month earlier. It was down 4% from a year earlier.<\/p>\n<\/li>\n<li>\nGoogle searches for \u201chomes for sale\u201d were down 9% from a month earlier during the week ending August 26, and down about 19% from a year earlier.<\/p>\n<\/li>\n<li>\nTouring activity as of August 27 was up flat from the start of the year, compared with an 8% decline at the same time last year, according to home tour technology company ShowingTime.<\/p>\n<\/li>\n<\/ul>\n<p><b>Key housing market takeaways for 400+ U.S. metro areas:<\/b><\/p>\n<p>\nUnless otherwise noted, this data covers the <b>four-week period ending August 27<\/b>. Redfin\u2019s weekly housing market data goes back through 2015. For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy. This data is subject to revision.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe median home sale price was $379,975, up 4.8% from a year earlier. That\u2019s the biggest increase since October.<\/p>\n<\/li>\n<li>\nSale prices increased most in Miami (17.1% YoY), Newark, NJ (16.1%), San Diego (12.3%), Milwaukee (12.1%) and Providence, RI (11%).<\/p>\n<\/li>\n<li>\nHome-sale prices declined in just six metros: Austin, TX (-8.7% YoY), Phoenix (-2.4%), Portland, OR (-1.4%), Fort Worth, TX (-1.3%), Las Vegas (-1.2%) and San Antonio, TX (-0.5%).<\/p>\n<\/li>\n<li>\nThe median asking price of newly listed homes was $383,706, up 3.7% from a year earlier. That\u2019s the biggest increase since November.<\/p>\n<\/li>\n<li>\nThe monthly mortgage payment on the median-asking-price home was a record-high $2,649 at a 7.23% mortgage rate, the average for the week ending August 24. That\u2019s up 18% from a year earlier.<\/p>\n<\/li>\n<li>\nPending home sales were down 14.4% year over year, continuing a 15-month-plus streak of double-digit declines.<\/p>\n<\/li>\n<li>\nPending home sales fell in all of the metros Redfin analyzed. They declined most in Boston (-30% YoY), Cleveland (-29.9%), Seattle (-29.2%), New Brunswick, NJ (-28.7%) and Sacramento (-27.6%).<\/p>\n<\/li>\n<li>\nNew listings of homes for sale fell 10.4% year over year. That\u2019s a substantial decline, but the smallest in about a year. Part of the reason for the shrinking decline is that new listings fell swiftly at this time in 2022.<\/p>\n<\/li>\n<li>\nNew listings declined in all but two of the metros Redfin analyzed. They fell most in Atlanta (-32% YoY), Las Vegas (-27.5%), Cleveland (-26.7%), Sacramento (-21.4%) and Riverside, CA (-20.9%). They increased in Milwaukee (6.1%) and San Jose, CA (4.3%).<\/p>\n<\/li>\n<li>\nActive listings (the number of homes listed for sale at any point during the period) dropped 18.7% from a year earlier, the biggest decline since February 2022. Active listings were down slightly from a month earlier; typically, they post month-over-month increases at this time of year.<\/p>\n<\/li>\n<li>\nMonths of supply\u2014a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace\u2014was 2.9 months, the highest level since April. Four to five months of supply is considered balanced, with a lower number indicating seller\u2019s market conditions.<\/p>\n<\/li>\n<li>\n40.8% of homes that went under contract had an accepted offer within the first two weeks on the market, on par with the share a year earlier.<\/p>\n<\/li>\n<li>\nHomes that sold were on the market for a median of 29 days, on par with 28 days a year earlier.<\/p>\n<\/li>\n<li>\n34.1% of homes sold above their final list price, down just slightly from 36% a year earlier.<\/p>\n<\/li>\n<li>\nOn average, 6.2% of homes for sale each week had a price drop, the highest share since November and roughly the same as a year earlier.<\/p>\n<\/li>\n<li>\nThe average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 99.7%, the lowest level in three months. It\u2019s about on par with a year earlier.<\/p>\n<\/li>\n<\/ul>\n<p>\nTo view the full report, including charts, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-home-prices-increase-miami&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-home-prices-increase-miami&amp;index=3&amp;md5=1f7ab685845a8a25607bb4f28961cfa0\">https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-increase-miami<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=4&amp;md5=1c2e6ffd5ec49503db63f59fe6c754aa\">www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country&#8217;s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we&#8217;ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=5&amp;md5=9909f4dd92612b0316465860ecd45657\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=6&amp;md5=9d60167ee8ab5ffb58189fa9cd95579e\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=53547140&amp;newsitemid=20230831490397&amp;lan=en-US&amp;anchor=click+here&amp;index=7&amp;md5=5579f8f35b06d98d0822d3bbf7c74f7a\">click here<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230831490397r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230831490397\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230831490397\/en\/<\/a><\/span><\/p>\n<p>\nRedfin Journalist Services:<br \/>\n<br \/>Kenneth Applewhaite, 206-588-6863<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Florida Washington United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Residential Building &amp; Real Estate Construction &amp; Property Building Systems REIT<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230831490397\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Redfin Reports Miami Home Prices Are Up 17% From a Year Ago Nationwide, home prices are up 5% year over year\u2014the biggest increase in 10 months\u2014due to a severe lack of homes for sale SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The median home-sale price in Miami rose 17% from a year earlier during the four weeks ending August 27, the biggest increase the metro area has seen since October 2022. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That\u2019s also the biggest increase of the 50 most populous U.S. metros, though almost all of those metros posted year-over-year price gains in August. Prices declined in just six metros, half of them in Texas: Austin, Phoenix, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Miami Home Prices Are Up 17% From a Year Ago&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-781303","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Miami Home Prices Are Up 17% From a Year Ago - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago Nationwide, home prices are up 5% year over year\u2014the biggest increase in 10 months\u2014due to a severe lack of homes for sale SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The median home-sale price in Miami rose 17% from a year earlier during the four weeks ending August 27, the biggest increase the metro area has seen since October 2022. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That\u2019s also the biggest increase of the 50 most populous U.S. metros, though almost all of those metros posted year-over-year price gains in August. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago - Market Newsdesk","og_description":"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago Nationwide, home prices are up 5% year over year\u2014the biggest increase in 10 months\u2014due to a severe lack of homes for sale SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The median home-sale price in Miami rose 17% from a year earlier during the four weeks ending August 27, the biggest increase the metro area has seen since October 2022. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That\u2019s also the biggest increase of the 50 most populous U.S. metros, though almost all of those metros posted year-over-year price gains in August. Prices declined in just six metros, half of them in Texas: Austin, Phoenix, &hellip; Continue reading \"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/","og_site_name":"Market Newsdesk","article_published_time":"2023-08-31T12:21:46+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230831490397r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago","datePublished":"2023-08-31T12:21:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/"},"wordCount":1320,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230831490397r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-miami-home-prices-are-up-17-from-a-year-ago\/","name":"Redfin Reports Miami Home Prices Are Up 17% From a Year Ago - 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