The median sale price of a US home was up 7.3% in the year to June according to a new report from Redfin
The median sale price of a US home was up 7.3% in the year to June according to a new report from Redfin.
The increase is the 21st consecutive monthly rise and took the median to $298,000, the highest since the real estate firm started tracking prices in 2010.
Sales were up 1.9% year-over-year, restrained by tightening inventory which was 10.7% lower last month compared to June 2016 with just 2.5 months of supply.
“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs. For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”
In June, homes were going under contract in just 36 days and a typical home in Denver, Portland and Seattle was finding a buyer in just 7 days.
Nationwide, more than a quarter of homes were selling for above their listed price but in the most competitive market, San Jose, almost three quarters did. The market had the largest decline in inventory, down 42.2% in a year.
Fort Lauderdale saw the largest price increase with a 15.6% jump in the year to June to reach $260,000. Nashville (up 14%) and Seattle (up 13.5%) weren’t far behind.
The increase is the 21st consecutive monthly rise and took the median to $298,000, the highest since the real estate firm started tracking prices in 2010.
Sales were up 1.9% year-over-year, restrained by tightening inventory which was 10.7% lower last month compared to June 2016 with just 2.5 months of supply.
“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs. For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”
In June, homes were going under contract in just 36 days and a typical home in Denver, Portland and Seattle was finding a buyer in just 7 days.
Nationwide, more than a quarter of homes were selling for above their listed price but in the most competitive market, San Jose, almost three quarters did. The market had the largest decline in inventory, down 42.2% in a year.
Fort Lauderdale saw the largest price increase with a 15.6% jump in the year to June to reach $260,000. Nashville (up 14%) and Seattle (up 13.5%) weren’t far behind.
