Home prices hit an all-time high of $359,975 in the four-week period ending November 21, according to a new report from Redfin, a technology-powered real estate brokerage. This was up 14% year over year, the largest increase since early September.
Prices have risen in the past month nearly four times faster than they did at the same time last year. The unseasonable surge in home prices appears to be drawing in more sellers, as the number of homes listed for sale was down less than 3% from 2020 and up 11% from 2019.
“Rising rents and rising prices on everything from gas to groceries may be motivating more people to buy homes now,” said Redfin chief economist Daryl Fairweather. “Buying a home is a type of hedge against inflation, especially with mortgage rates still near historic lows. If high inflation persists, a large home mortgage could seem a lot less expensive in just a few years.”