The largest increase since 2018

Home sale prices increased 5.2% year over year in November, according to a new report from Redfin.

Now, home sale prices are at a median of $311,600, the largest increase since July 2018, when home prices were up from 5.6% from 2018.

“Given that inventory is falling quickly, we’d expect to see even stronger price growth, especially when compared to last year’s soft market,” said Redfin Chief Economist Daryl Fairweather.

“The fact that homes are selling faster indicates that there are buyers ready to pull the trigger and take advantage of low interest rates,” Fairweather added. “If lack of inventory and high demand continues, buyers who take a wait-and-see approach could face less favorable conditions in the spring season like bidding wars and faster price growth.”