Redfin: Homes Sold Faster Than Ever in April

Home prices gained as sales were constrained by a double-digit inventory dip

The typical home that sold last month went under contract in just 40 days, and the market is likely to accelerate further

SEATTLE--(BUSINESS WIRE)-- U.S. home prices rose 6.2 percent to a median sale price of $280,000 in April, according to Redfin (www.redfin.com), the next-generation real estate brokerage. Home sales inched up 1.2 percent over last year, constrained by a shortage in the supply of homes. The number of homes for sale fell 13.3 percent, the steepest decline in four years, marking 19 straight months of annual declines.

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The typical home went under contract in 40 days, 10 days faster than a year earlier, making April the fastest month on record since Redfin began tracking the market in 2010. One in five homes (22.2%) that sold in April went under contract within two weeks of their debut. One in four (24.7%) homes sold above their list price, which is the highest percentage Redfin has recorded.

"When it comes to the housing market breaking records, I'm beginning to sound like a broken record," said Nela Richardson, Redfin chief economist. "The market tends to accelerate through June so I wouldn't be surprised if new records for speed and competition are reached in May and June given what we are seeing now. The only record this market can't break is sales. You need more inventory for that!"

Regional April Highlights

Competition

  • Denver, CO was the fastest market, with nearly half of all homes going under contract in just 6 days, down from 11 days a year earlier. Seattle, WA was the next fastest market with 7 median days on market, followed by Portland, OR and Tacoma, WA at 10 days.
  • The most competitive market in April was San Jose, CA where 75.4% of homes sold above list price, followed by 69.5% in San Francisco, CA, 69.4% in Oakland, CA, 62.1% in Seattle, WA, and 52.4% in Tacoma, WA. In sharp contrast, 0.0% of homes in Kansas City, MO sold above the list price.

Prices

  • Milwaukee, WI had the nation's highest price growth, up 18.2% since last year to $208,000. Greenville, SC had the second highest price growth at 17.6% year-over-year, followed by Seattle, WA (17.4%), Deltona, FL (14.8%), and Tampa, FL (13.8%).
  • 2 metros saw price declines in April: Baton Rouge, LA (-1.2%), and Greensboro, NC (-1%).

Sales

  • 18 out of 90 metros saw sales surge by double digits from last year. Poughkeepsie, NY led the nation in year-over-year sales growth, up 36%, followed by Baltimore, MD, up 31%. Camden, NJ rounded out the top three with sales up 28% from a year ago.
  • Home sales in Buffalo, NY and Ogden, UT declined by 19.4% and 19.3%, respectively.

Inventory

  • Rochester, NY had the largest decrease in overall inventory, falling 37.8% since last April. Seattle, WA (-35.3%), Buffalo, NY (-32.8%), and Rochester, NH (-30.8%) also saw far fewer homes available on the market than a year ago.
  • Fort Myers, FL had the highest increase in the number of homes for sale, up 29.2% year over year, followed by Knoxville, TN (19.7%) and Austin, TX (12.4%).

To read the full report, complete with data and charts, please visit the following link: https://www.redfin.com/blog/2017/05/april-2017-real-time-housing-market-tracker.html

About Redfin

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 $40 billion in home sales through 2016.

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. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.

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Contacts
Redfin Journalist Services:
Alina Ptaszynski, 206-588-6863
press@redfin.com