Redfin Finds Home Prices Up 0.7% Month-over-Month in October

Home prices rose 0.7% month-over-month nationwide to a record high in October, reported Redfin, Seattle.

The firm’s new Redfin Home Price Index found monthly price growth is now on par with pre-pandemic levels following a pandemic rollercoaster ride that sent price growth soaring and then tumbling. On a year-over-year basis, prices climbed 6.1% in October, the largest annual increase since early 2023.

Looking at individual markets, prices climbed 1.8% month-over-month in September in Pittsburgh, the largest monthly jump among the 50 largest metros. Next came Virginia Beach, Va. at 1.7%, Boston at 1.5%, Columbus, Ohio at 1.5% and West Palm Beach, Fla. At 1.4%.

Redfin found 12 metros saw monthly price declines, with the largest drops in Austin, Texas (-1.5%), San Francisco (-1.3%), San Antonio (-1.1%), Cincinnati (-1%) and Philadelphia (-0.9%).

The new index uses the repeat-sales pricing method to calculate how sale prices of single-family homes change over time. The RHPI is similar to the Case-Shiller home price index because it measures sale prices of homes that sold during a given period and how those prices have changed since the last time those same homes sold with a few key differences. But Redfin uses real-time home sales data from multiple listing services rather than waiting for county records to be filed.