US home prices increased 7.7% year-over-year in August as inventory slipped according to Redfin
US home prices increased 7.7% year-over-year in August as inventory slipped according to Redfin.
The price gain was the largest since May 2015 but there was little change in the month-over-month gain. The national median sale price was $293,000 with none of the metros monitored showing a decline.
Seattle, WA showed the highest price growth, up 16% since last year to $522,000. Fort Lauderdale, FL followed with a 15.6% gain and followed by Cincinnati, OH with 14.5%.
“The real estate market still favors sellers, with strong demand and rising prices, but perhaps less so now than earlier in the year,” said Redfin CEO Glenn Kelman.
Sales were down 5.5% year-over-year while inventory was down 12.4%, the largest year-over-year gain in almost two years of decline. New listings were down 1% and months of supply fell to just 2.8.
While flood damage has impacted Houston home sales (down 29% year-over-year) the sharpest drop in sales was in Columbia, SC (down 93%) followed by Newark, NJ (down 75.3%).
“Newly listed homes are selling faster in 2017 than in 2016, but whereas in April the market was nine days faster than the 2016 market, in August it was five; the gap between 2016 and 2017 is narrowing slightly. Normally such differences wouldn’t be worth mentioning, but Redfin managers of coastal markets where demand has been strongest are now reporting that some buyers are stepping back from higher prices,” added Kelman.
The price gain was the largest since May 2015 but there was little change in the month-over-month gain. The national median sale price was $293,000 with none of the metros monitored showing a decline.
Seattle, WA showed the highest price growth, up 16% since last year to $522,000. Fort Lauderdale, FL followed with a 15.6% gain and followed by Cincinnati, OH with 14.5%.
“The real estate market still favors sellers, with strong demand and rising prices, but perhaps less so now than earlier in the year,” said Redfin CEO Glenn Kelman.
Sales were down 5.5% year-over-year while inventory was down 12.4%, the largest year-over-year gain in almost two years of decline. New listings were down 1% and months of supply fell to just 2.8.
While flood damage has impacted Houston home sales (down 29% year-over-year) the sharpest drop in sales was in Columbia, SC (down 93%) followed by Newark, NJ (down 75.3%).
“Newly listed homes are selling faster in 2017 than in 2016, but whereas in April the market was nine days faster than the 2016 market, in August it was five; the gap between 2016 and 2017 is narrowing slightly. Normally such differences wouldn’t be worth mentioning, but Redfin managers of coastal markets where demand has been strongest are now reporting that some buyers are stepping back from higher prices,” added Kelman.
