June Housing Market Sets All-Time Records for High Speed and Low Supply, Redfin Reports
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, according to Redfin (www.redfin.com), the next-generation real estate brokerage. June was also the fastest month for home sales on record, with median days on market falling to 26, breaking the record of 27 days set in June 2013.
Despite high buyer demand and low inventory, price growth was strong but still moderate at 5.1 percent year over year in June. Cities like Denver, Los Angeles, Miami and San Francisco are bringing up the average with double-digit year-over-year price increases. Competition was also strong 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 2013.
Local Market Insights in June
- The median sale price in San Francisco fell 2.8% month over month to $1.07 million. Year over year, prices were up 16.3%, the highest increase of any metro area. New listings in San Francisco declined 10.6% from June 2014. San Francisco hasn't seen year-over-year growth in new listings since February 2014.
- Prices in Denver continued to soar 14.8% year over year to a median $325,000. July was the eighth consecutive month of year-over-year price growth above 10%. Denver remained the fastest market with half of all new listings selling in six days or less, followed by Seattle (nine), Portland (10), Omaha (11), and Boston (11).
- San Jose saw the largest year-over-year drop in sales on record going back to 1998, falling by 50.7% since last year, despite 13.5% year-over-year inventory growth. San Jose also saw the biggest slowdown in median days on market to 33 days, from 13 days last year.
- Richmond, VA led all other markets in year-over-year sales growth, with a massive increase of 35.4% over last June. Boston had the highest increase from May to June at 49.3%.
- Boston had the largest surge of new listings, with 11,710 properties coming on the market in June, up 28.9% over last year, followed by San Antonio, TX (27.8%), and Riverside-San Bernardino (26.7%).
Redfin also took an in-depth look at home prices, inventory and sales across neighborhoods for three cities: San Francisco, Washington, D.C. and Chicago. To read the full reports, complete with data, charts and insights from Redfin agents, please visit: https://www.redfin.com/research/reports/real-time-housing-market-tracker/2015/june-housing-market-sets-all-time-records-for-high-speed-and-low-supply.html
Redfin (www.redfin.com) is a next-generation real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.
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