Market Overview

Redfin: U.S. Home Sales Showed Steady Growth in September, Rising 3.2% YOY

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SEATTLE--(BUSINESS WIRE)--

Home sales in September were up 3.2 percent from a year ago, according to the latest report from Redfin (www.redfin.com), the next-generation real estate brokerage. Year-to-date homes sales were up 4 percent compared the same period last year.

Strong buyer demand kept the market moving at a fast pace. The typical home sold in 46 days, four days faster than last year. About one in five homes sold in two weeks or less last month compared to one in six in 2015. In Denver, Seattle and Tacoma, Washington, more than 50 percent of homes were under contract in two weeks.

Median sale prices were up 4.4 percent year over year for the second month in a row. In a market with such a limited supply of inventory, this moderate price growth has given buyers some relief. The national median sale price fell slightly month over month to $267,500 in September. Compared to August, 11.8 percent fewer homes sold and 7.8 percent fewer homes were listed for sale, in line with a seasonal slowdown in housing activity heading into the last three months of the year.

"Here in Southern Florida, especially in the Southwest portion of Miami-Dade county, single-family homes that are priced right are selling very quickly thanks to strong buyer demand," said Redfin real estate agent in Miami Cecilia Cordova. "There are a lot of first-time homebuyers entering the market right now and they definitely seem to prefer single-family homes to condos. Unfortunately, there's a lack of single-family homes for sale in their target price range, so homes that are available and priced below $400,000 usually always have multiple offers."

New listings were relatively flat in September, up a mere 0.8 percent from a year earlier. All told, there were 7 percent fewer homes available for sale last month than in September 2015.

Seattle was the fastest market for the second month in a row, with half of all homes pending sale in just 12 days, down from 13 days a year earlier. Competition was strong in San Francisco, where 60.6 percent of homes sold above list price. St. Louis, Missouri, had the highest increase in the number of homes for sale, up 29.9 percent year over year.

To read the full report, complete with data and charts, please visit the following link:
https://www.redfin.com/blog/2016/10/september-home-sales-showed-steady-growth-up-3-2-percent-year-over-year.html

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About Redfin Corporation

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales to date, and saved customers more than $335 million in fees, and counting.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.

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Redfin Journalist Services
Keena Bean, 206-588-6863
press@redfin.com

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