homes sold by redfin agents received multiple offers, three out of four. by august, only half the nation's homes sold above list price. of course, the bay area, it has to be an exception, and it was. in august, 70% of bay area homes sold over asking. that was more than any other metro area except, might not get this one, raleigh, north carolina. >>> right now in palo alto councilmembers are debating whether to reopen two streets. california street and university avenue have been closed to cars so restaurants could offer more outdoor dining. the restaurants and diners want to make sure the street closures are permanent, but other businesses say it's hurting them because parking is now so much more difficult. the council could choose a hybrid solution, including closing the streets to november and reopening them for the holiday season. >>> the list is out and once again stanford earns high marks when it comes to the country's best universities. "u.s. news and world report" released the annual rankings today. stanford in the top ten, in sixth. the website not

visited brokerage website representing 100 markets throughout the united states and canada, we have redfin kelman with us. it's great to have you with us. >> thank you for having me. cheryl: i want to get your reaction to the blockbuster number on home sales, talk about a reversal of fortune, what do you think was behind the numbers especially for the month of august, what changed. >> it's easier to put deals together it's been hard for buyers to win deals the bidding wars were crazy before memorial day and many people took a step back, i think people see the writing on the wall that the fed may raise interest rates over time in the window to get into a house in short and suddenly prices have become somewhat more attractive, finally we have sales coming back up because people can actually buy the home. cheryl: i'm getting asked a lot when will interest rates start to go up, my best guess we will see them slightly pickup by the end of the year but come spring which will obviously be the big spring buying season it seems like we will see them and closer to 4%, any insight from you? >> 4% wou

we'll talk about a potential slowdown with the ceo of redfin. that's next. you're watching "closing bell",. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >>> the housing market is slowing a bit, according to redfin despite the slowdown, it says prices remain elevated joining us now "closing bell" exclusive interviews is the ceo. ben, always good to see you. >> thanks for having me, wilfred. >> so a bit after slowdown nothing major? what's causing that? >> it's a return to normalcy, what's new is new listings are up about 10% we haven't seen an increase in inventory for a long time. they thought if they wait one more month, they'll get more money, but now

redfin reports almost 60% of home offtrs faced competition. that's a new low for 2021 the technology powered real estate brokerage firm reports the new low is down from a peak of almost 75% in april. experts say one reason for the slowdown in bidding wars could be that sellers are pricing their homes too high and buyers aren't biting. >> it might finally be time to buy that used car as prices fall for the first time in 7 months. prices slipped one 0.4% in august and that was the first decline since january despite dip, though, the prices for used cars are still up 31% from a year ago. the increase was brought on by the global chip shortage that boosted demand for used cars. >> coming up next, why more travelers are opting for private jet sober commercial flights. i talked with the president of an aviation company who says business is flying high. ♪ ♪ ♪ ♪ ♪ ♪ monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. >> airline industry is still trying to recover from the pandemic. wel

real estate brokerage firm redfin reports that roughly 82% of homes in oakland sold above the listing price. other major bay area cities are not that far behind. around 78% of homes in san jose in 72% of homes in san francisco went over asking. redfin says that the medium home sale price in the united states climb for the 13 consecutive month in august medium prices increased. in 83 of the 85 largest market areas in the country. parents are already being warned to be prepared for a shortage of toys for this upcoming holiday season. consumer experts, susie's say some of this year's most popular toys will be in short supply due to the global supply chain crisis. and labour shortages tied to the pandemic, and there could be big delays for the toys that are scheduled to be shipped to the united states from china and other overseas countries. retailers manufacturers, they may only get one full import of their supplies in trying to reorder get another supply from overseas may just be logistically impossible to get to get a refresh of inventory. many of the leading toy companies say they are

last month was in oakland, redfin reports that roughly 82% of the home sold in oakland. listing price, roughly 78% of the homes in san jose and about 72% of the homes in san francisco, where also sold for more than the listing price that puts san jose in second place in san francisco in fourth place. all this as the medium home sale price in the united states continue to climb for the 13th consecutive month. median prices also went up in 83 of the 85 largest market areas in the country. the san francisco marathon returned today after canceling last year's event because of the pandemic. ktvu is james tourist tells us runners had to do something this year that they've never had to do before. loved ones energized the weather near perfect in the views, stunning a perfect recipe for marathon day they ran san francisco marathon for the first time at 18. so long, long time ago. so like this race like the city, um, but yeah, but just staying at it all the years. the marathon was canceled last year as the city dealt with the covid 19 pandemic. it's back this year, but with an add

for teachers to live are here in california, specifically the central valley real estate company, redfin looked at teacher pay versus cost of living and found that merce said fresno, modesto in bakersfield topped the list riverside in southern california. was also in the top five. however, here in the bay area quite a different story. san jose is the least affordable area for teachers to work and buy a home in salinas, santa cruz and san francisco also ranked very low in the study housing developer hopes a new project in austin, texas, will become the wave of the future. the developer has teamed up with icahn products to create three d printed homes. have come up with especially formulated concrete used to print the homes. the first development is just four homes, but the designers expect their building model to grow in popularity. not only do we want to lower costs, we also want to lower waist and we want to lower time in the schedule, which is crucial to anyone trying to sell homes and this market or really any market. the developer says the homes can withstand flooding heat and strong