U.S. home prices rose 7.5% last month to a median sale price of $273,000 — a year-over-year increase of 8.9%. Home sales, however, decreased by 13% compared with the same month last year.
2017 is shaping up to be the fastest housing market on record. In March, it took just 49 days for the typical home to go under contract, and one in five homes went under contract within two weeks, according to Redfin. Meanwhile, 21.7% of homes were sold for more than their list price.
Nationwide, Denver and Seattle topped as the fastest markets, with the typical home going under contract in just eight days, followed by California metros Oakland and San Jose with 13 and 14 days, respectively.
San Jose saw homes sold 69.6% above the asking price, followed by the neighboring areas of San Francisco (66.7%) and Oakland (65.9%). Seattle and Tacoma, Wash., also sold homes above the asking price, with 56.6% and 44.4%, respectively.
Compared with 2016, 32 out of 90 metro areas saw sales increase by double digits, led by Poughkeepsie, N.Y. with 41%; Baltimore, Md., with 40.6% and Camden, N.J. with 31.6%.
Low inventory biggest challenge - Redfin
Housing demand declines from record high – Redfin
March marked the 18th consecutive month of annual supply declines, according to Redfin.