US home sales prices were up by 6.8% in the year to May with a median of $288,000
US home sales prices were up by 6.8% in the year to May with a median of $288,000.
Although inventory remained tight with just 2.7 months of supply, down 10.7% from a year earlier; Redfin reports that sales were up 7.5% year-over-year.
“There is still a lot of momentum in home prices in many metros, not only on the coasts but also in places like Buffalo, Grand Rapids and Omaha,” said Redfin chief economist Nela Richardson.
Homes were selling fast last month with average days on market of 37, breaking the 40-day record set in April. Denver was the fastest market with nearly half of all listed homes pending sale in just 6 days. Seattle (7 days), Grand Rapids and Portland were not far behind (8 days).
“Strong local economic growth and burgeoning demand from older millennials are accelerating home-price growth in this very competitive, low-inventory pre-summer market,” added Richardson.
San Jose, CA was May’s most competitive market with almost three quarters of homes selling above listing price with Oakland and San Francisco completing the top 3 at around 70% selling above list.
The highest price growth was in Seattle with a 15.9% rise year-over-year to $510,000. Lakeland, FL was the only other gain above 15%.
“The Federal Reserve’s latest announcement to raise short-term rates will have very little effect on buyer demand or on the overall housing market. If anything, it may motivate buyers to make their purchases sooner rather than later,” Richardson concluded.
Although inventory remained tight with just 2.7 months of supply, down 10.7% from a year earlier; Redfin reports that sales were up 7.5% year-over-year.
“There is still a lot of momentum in home prices in many metros, not only on the coasts but also in places like Buffalo, Grand Rapids and Omaha,” said Redfin chief economist Nela Richardson.
Homes were selling fast last month with average days on market of 37, breaking the 40-day record set in April. Denver was the fastest market with nearly half of all listed homes pending sale in just 6 days. Seattle (7 days), Grand Rapids and Portland were not far behind (8 days).
“Strong local economic growth and burgeoning demand from older millennials are accelerating home-price growth in this very competitive, low-inventory pre-summer market,” added Richardson.
San Jose, CA was May’s most competitive market with almost three quarters of homes selling above listing price with Oakland and San Francisco completing the top 3 at around 70% selling above list.
The highest price growth was in Seattle with a 15.9% rise year-over-year to $510,000. Lakeland, FL was the only other gain above 15%.
“The Federal Reserve’s latest announcement to raise short-term rates will have very little effect on buyer demand or on the overall housing market. If anything, it may motivate buyers to make their purchases sooner rather than later,” Richardson concluded.
