Prices Soar 14.8% in Denver and 16.3% in San Francisco over Last Year
Boston Home Sales Increase 49.3% in One Month
U.S. Home sales increased 11.4 percent in June compared to the same time last year, leaving buyers with the lowest supply of homes for sale on record. At the current pace of demand, there are only 3.5 months of home inventory left. Six months of inventory is considered a balanced market. June was also the fastest market we’ve ever seen, with median days on market falling to 26, breaking the record of 27 days set in June of 2013.
Despite high buyer demand and low inventory, price growth is still moderate at 5.1 percent year over year in June. But cities like Denver, Los Angeles, Miami and San Francisco are bringing up the average with double-digit year-over-year price increases.
Not surprisingly, competition was high in June, with 23 percent of homes sold over asking price, up 2 percentage points year over year, and edging closer to the record high of 27.4 percent seen in June of 2013.
You can download data from the June Market Tracker in an Excel Spreadsheet.
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. Data may be subject to revision. 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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