Condo prices climb 5.4% in August in U.S.
increased 5.4% year over year to a median of $266,000 in August, trailing growth in single family home prices, which surged 11.9% to $343,000, according to a new report from Redfin.
About one in five condos (21.9%) sold for above the price at which it was listed, up slightly from 19.2% in August 2019.
That compares with one of every three single-family homes (33.6%), up from 24.3% a year earlier and the highest share on record.
Interest in single family homes has already started to decline slightly; about a third (34%) of saved searches created by Redfin.com users filtered exclusively for single family homes in September, down from a peak of 37% in July, indicating that living in a single family home is becoming less of a priority for house hunters. ■