Homes sales fell 3.3 percent in June compared to
Homes also sold at their fastest pace on record, a median 34 days in June, unchanged from May and three days faster than last year.
Notably, in what have been the most competitive places for homebuyers, inventory is increasing, providing welcome relief for some buyers. The number of homes for sale in June increased by double digits in
"The affordability crisis may have reached a breaking point in
"We've seen similar signs of buyer fatigue in the past, especially at this point in the season," Kelman continued. "But in this case the lull has lasted a bit longer and affected more markets than in the recent past. It'll be interesting to see whether buyers adjust to the latest price increase and come back in force this fall, or if instead we see these markets shift more in favor of buyers."
"Buyers are taking advantage of the inventory windfall," said
Redfin will be paying close attention in the coming months to the data and to its agents' observations to see if the trends in
Other June Highlights:
- Competitiveness eased in
Seattlein terms of the portion of homes selling above asking, down 7.3 percentage points year over year from 62.1% to 54.8%. However, it was still the fastest market, with a sale pending on half of all homes in just seven days, keeping pace with June of last year. It's important to note that the homes that sold, sold quickly. But more homes stayed on the market, hence the rise in inventory. Denver, Omaha, NE, Tacoma, WAand Grand Rapids, MIwere the next fastest markets with eight median days on market each.
San Jose, CAhad the nation's highest price growth, rising 22.4% since last year to $1,225,000. Las Vegashad the second highest growth at 12.8% year-over-year price growth, followed by Oakland, CA(11.9%), Cincinnati(11.4%), and Seattle(11.4%).
- No metros saw price declines in June.
- Just three out of 73 metros saw double-digit sales growth compared to last year.
Camden, NJled the nation in year-over-year sales growth, up 52.4%, followed by Pittsburgh, PA, up 10.4%. Long Island, NY rounded out the top three with sales up 10% from a year ago. Oxnard, CAsaw the largest decline in sales since last year, falling 25.6%. Home sales in San Jose, CAand West Palm Beach, FLdeclined by 16.3% and 15.1%, respectively.
Baton Rouge, LAhad the highest increase in the number of homes for sale, up 51.1% year over year, followed by Portland, OR(31.6%) and Seattle(24.2%). Rochester, NYhad the largest decrease in overall inventory, falling 33.3% since last June. Indianapolis(-30.3%), Buffalo, NY(-30.0%), and Milwaukee(-24.2%) also saw far fewer homes available on the market than a year ago.
- The median list price-to-Redfin Estimate ratio was 93.2% in
San Francisco, the lowest of any market. This indicates the typical home for sale in June was listed at a price below its estimated value. Only 6.3% of homes in San Franciscowere listed for more than their Redfin Estimate.
- Conversely, the median list price-to-Redfin Estimate ratio was 102.3% in
Miami, FLand 102.1% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, FL, 83.4% of homes were listed above their Redfin Estimate, the highest percentage of any metro.
To read the full report, complete with charts and market-level data, please visit: https://www.redfin.com/blog/2018/07/market-tracker-june-2018.html.
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 for listed homes. 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
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
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