Median home-sale price rose 16% annual in August
August marks the 13th consecutive month of double-digit price gain
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Median home sale prices nationwide increased 16% in August compared to a year ago, notching $380,271, according to Redfin.
According to the real estate brokerage's latest report, August marks the 13th consecutive month of double-digit price gains.
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Compared to a year ago, median sales prices increased in each of the 85 largest metro areas tracked by Redfin except for Milwaukee, Wisconsin and Bridgeport, Connecticut, where prices dropped 1.6% and 1.1%, respectively.
Milwaukee and Bridgeport already saw "significant price gains a year ago," with prices increasing 14% and 30% respectively, according to Redfin.
A homebuyer tours his new home, in Washingtonville, N.Y. (AP Photo/John Minchillo, File)
Comparatively, Austin, Texas as well as Phoenix, Arizona and Salt Lake City, Utah saw the largest price gains, increasing 36%, 25% and 24%, respectively.
"When it comes to home prices in this market, what goes up stays up," said Redfin Chief Economist Daryl Fairweather.
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However, even with the steep price increases, "homes in these areas are still relatively affordable, so these and other hot migration destinations are going to continue to attract homebuyers from the coasts," according to Fairweather.
Fairweather further projected that within the coming months even more households may relocate to more affordable areas as "workers change jobs en masse and enhanced unemployment benefits come to an end."
FIVE METROS WITH THE BIGGEST HOME-PRICE INCREASES ACCORDING TO REDFIN
At the same time, seasonally-adjusted home sales were down 6% in August compared to this time last year, marking the first annual decline in 15 months, according to Redfin.
Home sales declined in about 44 of the 85 largest metro areas with the biggest drops in New Orleans, Louisiana as well as Salt Lake City, Utah and Warren, Michigan.
Comparatively, New York, New York as well as Honolulu, Hawaii and Nassau County, New York, had the greatest increases in seasonally-adjusted home sales.
Overall, though, "measures of housing market competition based on completed home sales eased further in August from all-time records set in June," according to Redfin.
Still, 52% of homes sold above their list price last month.