Seattle has the lowest supply of homes for sale on record
Denver is the fastest market of all time with homes selling in six days
Richmond home sales boom, up 47% over last year
Majority of homes in San Francisco now sell for over $1 million
Home sales leapt 10.1 percent in March compared with a year earlier, while the number of new listings increased 9.2 percent. Although more people are buying in 2015, increased supply has so far kept competition and prices in check. Year-over-year growth in home sales hasn’t topped 10 percent since September 2013.
Redfin analysis revealed continuing stable price growth last month, at 5.7 percent year over year. While 18.5 percent of homes sold above the asking price, that share is down year over year for the 17th month in a row. It was 19.5 percent in March of last year.
But March was also the first month since December 2013 when the overall number of homes for sale shrank year over year, by 0.7 percent, even though the number of newly listed homes increased. New listings will need to keep pace with the high demand we’re seeing so far this year in order to prevent another national shift in favor of sellers. In the West, market conditions have already tilted further in the favor of sellers, according to the most recent survey of Redfin agents.
Data for the March National Market Tracker can be downloaded as an Excel spreadsheet.
For additional information:
Chicago Market Tracker
San Francisco Market Tracker
Washington, D.C., Market Tracker
Methodology: Redfin’s National Market Tracker follows housing trends in the country’s largest metropolitan divisions (those with population 500,000 or greater) served by Redfin agents. Analysis by Redfin is based on all residential home sales transacted on the multiple-listing service and supplemented by county recorder data where available. Metropolitan divisions are based the latest definitions released by the Bureau of Labor Statistics. To view a breakdown of these regions, click here.
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