Redfin analysis shows continued moderation of increases
The US median home sales price hit $307,400 in July after a year-over-year increase of 5.3%.
But that level of growth is lower than it has been in any month since September 2016, following a 5-month downward trend according to an analysis by Redfin.
The brokerage reports that home sales were up 4.1% in July compared to a year earlier despite continued inventory constraints with 5.4% fewer homes available to buy in the month compared to July 2017.
The analysis shows that while days on market was down 3 days year-over-year to an average of 35, there are signs that competition is moderating.
There was a slight easing in the share of homes selling for above the asking price (26.2% in July 2018, 26.5% in July 2017) and 28% of homes had a price drop. This was the largest share of discounted homes in the 8 years that Redfin has been tracking the metric.
The hottest metros
San Jose, CA had the nation's highest price growth, rising 19.3% since last year to $1,163,500. Detroit had the second highest growth at 15% year-over-year price growth, followed by Tacoma, WA (12.7%), Memphis, TN (12.5%), and Salt Lake City (12.2%).
Two metros saw price declines in July: Camden, NJ (-0.9%), and Baltimore (-0.5%).
For sales, 13 out of 73 metros saw double digit increases from last year. Baltimore led the nation in year-over-year sales growth, up 55.1%, followed by Camden, NJ, up 40.8%. Oklahoma City rounded out the top three with sales up 20.1% from a year ago.
Miami saw the largest decline in sales since last year, falling 17.9%. Home sales in Buffalo, NY and San Jose, CAdeclined by 12.9% and 11.9%, respectively.
