Home Sales Up 13.4% in July as Supply Hovers Near Record Lows - Redfin Real Estate News

Home Sales Up 13.4% in July as Supply Hovers Near Record Lows

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Updated on October 6th, 2020

redfin-national-housing-market-tracker

Denver Sees 6.8% Increase in Inventory, First Growth Since October 2010

Sales of Multifamily Units in Nashville Up an Astonishing 166.7%

Median Sale Price in Washington, DC Area Falls 0.3%, First Drop Since February 2011

Market Summary July 2015 Month-Over-Month Year-Over-Year
Median sale price $278,700 0.5% 5.8%
Homes sold 209,000 -2.2% 13.4%
New listings 257,700 -2.3% 8.1%
All Homes for sale 612,900 2.6% -2.9%
Median days on market 30 1 -4
Off market in 2 weeks 34.0% -1.4% 3.2%
Months of supply 2.9 0.1 -0.5
Sold above list 22.1% -0.5% 2.2%
Average Sale-to-list 92.5% -0.2% 0.5%

The supply of homes for sale remained very low at the end of July at just 2.9 months, a small uptick from the record low set in June. Home sales remained strong with an increase of 13.4 percent over last July, and price growth jumped to 5.8 percent year over year, up from 4.6 percent in June. New listings were up 8.1 percent.
Sales and price growth were right in line with what the Redfin Demand Index forecasted last month for the 15 metro areas it tracks.
 
redfin-median-sale-price-july-2015
Amid the competition this year, more buyers have been willing to make concessions in order to win their bid on a home. In July, 12.7 percent of Redfin offers waived inspection contingencies, up from 8.6 percent a year ago, while 15.3 percent waived financing contingencies, up from 11.5 percent.  Furthermore, 15.2 percent of Redfin customers submitted offers with price escalation clauses, more than in any prior month since Redfin launched Offer Insights.
 
redfin-bidding-strategies-july-2015
Competition continued to be extremely heated in San Francisco, San Jose, Oakland, Seattle and Denver. The typical home in San Francisco sold for 8.7 percent above the listing price.  
 
redfin-average-sale-to-list-ratio-july-2015 redfin-months-of-supply-july-2015
While the market overall in July did not differ greatly from June, a small month-over-month drop in new listings (-2.3%), sales (-2.2%), and an increase in median days on market (+1) signal the start of a cooling housing market.  We expect a normal seasonal transition away from the peak of buying and selling activity seen in June and July, and a gradual easing of competition heading into fall and winter.

Other July Highlights

Prices

  • Price growth in San Francisco and San Jose outpaced every other metro area.  The median sale price in San Francisco was $1.05 million, up 18.6% over last year. In San Jose the median sale price was up 14.1% to $855,000.  Prices were flat vs. June.
  • Price growth has been accelerating in Las Vegas, where the median sale price jumped 11.5% year over year to $205,000, the first double-digit price increase this year
  • Prices fell from a year earlier in Washington, D.C. (-0.3% to $379,000), Memphis (-1.4% to $155,000), Allentown, PA (-4% to $182,500), and Tulsa, OK (-4.4% to $153,000).

Sales

  • Due to continually strained inventory, San Francisco was the only metropolitan area that saw a year-over-year decline in home sales, which fell 8.9%.  Austin saw the lowest growth at 3.9%.
  • Richmond, VA (29.7%), Wilmington, DE (27.7%), and San Antonio, TX (27.7%) saw the largest year-over-year increases in home sales.
  • Nashville home sales growth continued to be strong, up 17.6% year over year, fueled in part by a boom in new condominiums and townhomes.  Sales of single-family residences were up 1.1% over last July, while sales of multifamily units exploded by 166.3%.

Competition

  • Denver was the fastest market in July with half of all homes selling in six days or less, followed by Seattle at nine days.
  • Houston had the highest percentage of cash offers reported by Redfin agents, with 17.2% of customers offering all-cash deals, followed by 16.7% in Raleigh-Durham.
  • 43.2% of homes in Louisville sold in two weeks or less, a 42.5 percentage point increase over last July.

Supply

  • Seattle continued to see its lowest recorded supply of homes at just 1.4 months, steady from June and 0.8 months lower than last year.
  • Indianapolis had the largest monthly decline in the number of homes for sale, down 6.2% after sales leapt 10.7% over last year and new listings declined by 8.2%.
  • Louisville (-39.5%) and Jacksonville, FL (-32.5%), had the largest year-over-year drops in inventory.  
  • Denver saw a 6.8% year-over-year increase in the number of homes for sale, the first growth since October 2010.

You can download data from the July Market Tracker in an Excel Spreadsheet.
For additional local analysis, see: Chicago | San Francisco | Washington, D.C.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Akron, OH $135,000 3.1% 3.1%
Allentown, PA $182,250 -6.3% -4.0%
Atlanta, GA $209,900 0.0% 7.6%
Austin, TX $269,925 -1.5% 8.0%
Baltimore, MD $259,700 -0.1% 1.1%
Boston, MA $379,700 -0.1% 2.9%
Buffalo, NY $140,375 2.3% 5.9%
Charleston, SC $245,000 0.0% 11.4%
Charlotte, NC $206,000 -3.7% 3.1%
Chicago, IL $226,000 -2.6% 3.7%
Cincinnati, OH $156,500 -2.2% 1.0%
Cleveland, OH $136,000 -2.8% 0.7%
Columbus, OH $174,700 -1.3% 3.4%
Dallas-Fort Worth, TX $220,000 -2.2% 9.5%
Dayton, OH $122,700 2.2% 4.4%
Denver, CO $312,375 -3.9% 11.6%
Fort Lauderdale, FL $210,000 0.0% 12.3%
Fresno, CA $225,000 0.0% 13.1%
Greenville, SC $176,750 -2.9% 4.0%
Hampton Roads, VA $229,900 3.1% 7.3%
Honolulu, HI $480,000 0.0% 3.2%
Houston, TX $220,000 -2.2% 7.3%
Hudson Valley, NY $480,000 6.7% 0.9%
Indianapolis, IN $159,900 -3.0% 7.0%
Jacksonville, FL $186,112 -0.8% 6.3%
Las Vegas, NV $205,000 2.0% 11.5%
Little Rock, AR $154,000 -0.6% 3.9%
Long Island, NY $392,575 0.7% 4.1%
Los Angeles, CA $490,000 -1.0% 5.4%
Louisville, KY $165,000 -4.8% 0.8%
Memphis, TN $155,000 -6.1% -1.4%
Miami, FL $239,000 -2.4% 6.7%
Minneapolis-St. Paul, MN $225,000 -2.1% 4.7%
Nashville, TN $225,000 -3.7% 1.4%
New Orleans, LA $198,250 3.3% 7.2%
North Port, FL $220,000 -3.9% 6.0%
Oakland, CA $625,000 2.6% 9.1%
Oklahoma City, OK $163,950 -3.6% 3.1%
Omaha, NE $171,000 -5.0% 4.9%
Orange County, CA $606,500 0.7% 8.3%
Orlando, FL $185,000 1.3% 8.8%
Philadelphia, PA $250,000 -3.5% 0.0%
Phoenix, AZ $214,900 -1.0% 7.5%
Portland, OR $305,000 -1.3% 5.5%
Providence, RI $225,000 2.3% 10.4%
Raleigh-Durham, NC $230,000 -5.2% 2.4%
Richmond, VA $225,000 -1.3% 9.8%
Riverside-San Bernardino, CA $302,500 -0.2% 6.1%
Rochester, NY $140,700 0.7% 4.3%
Sacramento, CA $318,000 -1.5% 6.0%
San Antonio, TX $199,950 -0.8% 11.1%
San Diego, CA $475,000 -1.5% 5.6%
San Francisco, CA $1,050,000 0.0% 18.6%
San Jose, CA $855,000 0.6% 14.1%
Seattle, WA $410,000 -1.2% 7.9%
Tacoma, WA $249,950 -1.2% 5.3%
Tampa, FL $171,000 -0.3% 6.9%
Tucson, AZ $175,000 -1.3% 2.9%
Tulsa, OK $153,000 -6.3% -4.4%
Ventura County, CA $530,000 0.0% 4.1%
Washington, DC $379,000 -2.8% -0.3%
West Palm Beach, FL $230,000 -2.1% 9.5%
Wilmington, DE $220,000 -1.8% 5.5%
National $278,700 0.5% 5.8%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Akron, OH 1,046 6.5% 21.5%
Allentown, PA 810 -1.9% 18.4%
Atlanta, GA 9,786 -2.9% 15.5%
Austin, TX 3,086 -0.9% 3.6%
Baltimore, MD 3,804 -7.2% 21.2%
Boston, MA 7,840 3.6% 17.7%
Buffalo, NY 1,132 25.9% 14.5%
Charleston, SC 1,582 -3.4% 20.5%
Charlotte, NC 3,220 -9.5% 9.3%
Chicago, IL 12,510 -6.0% 11.0%
Cincinnati, OH 2,452 -8.4% 8.5%
Cleveland, OH 2,761 5.8% 17.2%
Columbus, OH 2,847 -1.2% 13.0%
Dallas-Fort Worth, TX 9,316 -1.6% 3.6%
Dayton, OH 1,149 0.3% 20.1%
Denver, CO 5,794 -3.1% 4.9%
Fort Lauderdale, FL 3,200 -2.8% 6.3%
Fresno, CA 805 -12.0% 5.5%
Greenville, SC 900 -8.3% 15.2%
Hampton Roads, VA 2,112 -4.0% 9.6%
Honolulu, HI 868 2.7% 12.9%
Houston, TX 8,287 4.9% 9.8%
Hudson Valley, NY 1,501 24.8% 17.4%
Indianapolis, IN 3,203 -6.9% 10.7%
Jacksonville, FL 2,353 -4.7% 16.3%
Las Vegas, NV 3,708 2.9% 13.7%
Little Rock, AR 943 3.6% 4.7%
Long Island, NY 2,606 19.9% 10.4%
Los Angeles, CA 7,081 -0.1% 12.0%
Louisville, KY 1,547 -6.7% 18.2%
Memphis, TN 1,192 -10.1% 4.1%
Miami, FL 3,032 -7.4% 5.0%
Minneapolis-St. Paul, MN 6,303 -10.2% 18.5%
Nashville, TN 3,161 -9.1% 17.6%
New Orleans, LA 1,271 -3.4% 6.4%
North Port, FL 1,973 -5.1% 20.0%
Oakland, CA 3,030 0.6% 6.1%
Oklahoma City, OK 2,034 -2.1% 5.6%
Omaha, NE 1,489 0.3% 14.4%
Orange County, CA 3,239 3.3% 21.1%
Orlando, FL 4,119 -2.9% 20.8%
Philadelphia, PA 5,019 -4.1% 18.3%
Phoenix, AZ 7,712 -8.1% 16.5%
Portland, OR 4,280 0.0% 23.0%
Providence, RI 1,044 -3.2% 13.1%
Raleigh-Durham, NC 3,118 -11.0% 8.6%
Richmond, VA 1,778 -11.0% 29.7%
Riverside-San Bernardino, CA 5,304 1.3% 15.3%
Rochester, NY 1,359 15.5% 10.3%
Sacramento, CA 3,116 -2.0% 12.5%
San Antonio, TX 2,746 -2.4% 27.7%
San Diego, CA 3,625 -4.6% 19.0%
San Francisco, CA 1,368 19.8% -8.9%
San Jose, CA 1,643 103.1% 15.6%
Seattle, WA 4,999 -1.2% 15.5%
Tacoma, WA 1,425 1.9% 22.0%
Tampa, FL 5,449 -6.2% 20.8%
Tucson, AZ 1,401 -0.8% 21.0%
Tulsa, OK 1,308 5.8% 7.0%
Ventura County, CA 920 3.1% 20.9%
Washington, DC 8,391 -8.5% 13.8%
West Palm Beach, FL 3,065 -7.5% 9.8%
Wilmington, DE 820 -1.1% 27.7%
National 209,000 -2.2% 13.4%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Akron, OH 1,333 -2.1% 1.1%
Allentown, PA 1,520 -1.7% 28.4%
Atlanta, GA 10,811 0.6% 12.1%
Austin, TX 4,237 8.0% 9.4%
Baltimore, MD 5,245 -4.7% 5.8%
Boston, MA 9,300 -20.6% 20.8%
Buffalo, NY 1,660 -9.1% 9.9%
Charleston, SC 1,913 -1.4% 12.0%
Chicago, IL 18,513 -5.2% 3.9%
Cincinnati, OH 3,258 -6.3% -5.6%
Cleveland, OH 3,694 -6.1% 0.8%
Columbus, OH 3,275 -4.6% -0.1%
Dallas-Fort Worth, TX 12,788 10.0% 14.5%
Dayton, OH 1,628 -8.7% 7.2%
Denver, CO 7,208 5.2% 14.3%
Fort Lauderdale, FL 1,653 8.0% 21.5%
Fresno, CA 1,170 1.1% 16.0%
Greenville, SC 1,115 1.0% -3.5%
Hampton Roads, VA 3,294 -1.1% 10.4%
Honolulu, HI 1,185 3.2% 5.6%
Houston, TX 12,372 8.3% 23.0%
Hudson Valley, NY 1,858 -19.8% 6.6%
Indianapolis, IN 3,684 -13.7% -8.2%
Jacksonville, FL 2,991 -2.9% 11.6%
Las Vegas, NV 4,777 0.9% 9.7%
Little Rock, AR 1,456 -4.2% 4.9%
Long Island, NY 4,024 -14.7% 4.2%
Los Angeles, CA 10,191 2.2% 9.7%
Louisville, KY 2,053 -3.5% -2.8%
Memphis, TN 1,609 -7.2% 22.2%
Miami, FL 2,339 2.5% 14.0%
Minneapolis-St. Paul, MN 7,864 -8.2% -2.7%
Nashville, TN 4,706 -1.9% 20.9%
New Orleans, LA 1,890 -0.9% 6.8%
North Port, FL 2,061 2.7% 4.1%
Oakland, CA 3,591 5.0% 1.6%
Omaha, NE 1,781 -0.8% -1.5%
Orange County, CA 4,515 1.8% 15.4%
Orlando, FL 4,991 -4.8% -1.2%
Philadelphia, PA 6,293 -10.0% 2.2%
Phoenix, AZ 8,772 -0.5% 7.1%
Portland, OR 5,307 1.1% 7.9%
Providence, RI 1,610 -8.2% 8.1%
Raleigh-Durham, NC 3,683 -0.1% 13.0%
Richmond, VA 2,230 -1.7% 13.8%
Riverside-San Bernardino, CA 8,075 4.2% 21.8%
Rochester, NY 1,868 -13.1% 7.4%
San Antonio, TX 3,883 2.3% 38.3%
San Diego, CA 4,880 -0.8% -3.2%
San Francisco, CA 1,486 -7.4% -7.1%
San Jose, CA 1,956 4.0% 1.7%
Seattle, WA 5,578 -4.7% -0.8%
Tacoma, WA 1,751 2.4% -0.3%
Tampa, FL 6,101 -4.5% 0.0%
Tucson, AZ 1,602 -5.6% 2.6%
Tulsa, OK 2,014 11.6% 6.7%
Ventura County, CA 1,129 -5.0% 5.9%
Washington, DC 11,125 -3.9% 6.0%
West Palm Beach, FL 3,659 1.2% 5.4%
Wilmington, DE 1,188 -2.6% 6.2%
National 257,700 -2.3% 8.1%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Akron, OH 3,863 3.5% -8.9%
Allentown, PA 6,082 -1.6% 10.4%
Atlanta, GA 25,689 0.7% -2.7%
Austin, TX 7,006 7.5% 2.1%
Baltimore, MD 15,017 -1.3% -1.0%
Boston, MA 23,172 -2.9% -4.0%
Buffalo, NY 9,826 -1.2% -0.6%
Charleston, SC 6,925 -1.7% -21.1%
Chicago, IL 51,583 9.6% 13.7%
Cincinnati, OH 11,562 -1.5% -8.4%
Cleveland, OH 12,324 2.9% -6.3%
Columbus, OH 7,941 19.5% -1.8%
Dallas-Fort Worth, TX 17,824 10.6% -8.7%
Dayton, OH 5,337 3.4% -6.3%
Denver, CO 8,765 31.8% 6.8%
Fresno, CA 2,267 -1.0% 2.3%
Greenville, SC 3,658 10.2% -7.4%
Hampton Roads, VA 10,449 0.8% 1.8%
Honolulu, HI 3,867 0.5% -8.2%
Houston, TX 23,281 5.6% 27.0%
Hudson Valley, NY 10,770 8.6% 24.1%
Indianapolis, IN 13,520 -6.2% -14.6%
Jacksonville, FL 8,183 -2.9% -32.5%
Las Vegas, NV 15,668 -1.4% -3.7%
Little Rock, AR 5,117 5.4% -0.3%
Long Island, NY 17,641 -1.5% -2.6%
Los Angeles, CA 16,714 6.2% -6.9%
Louisville, KY 4,576 0.5% -39.5%
Miami, FL 6,812 2.0% -0.8%
Minneapolis-St. Paul, MN 16,845 0.8% -10.9%
Nashville, TN 10,084 -0.6% -15.0%
North Port, FL 5,984 -2.3% -14.5%
Oakland, CA 3,571 4.3% -17.0%
Omaha, NE 2,845 3.2% -22.5%
Orange County, CA 8,549 12.3% 20.2%
Orlando, FL 13,781 -2.8% -11.1%
Philadelphia, PA 23,308 -3.3% -4.9%
Phoenix, AZ 19,864 4.3% -13.9%
Portland, OR 7,398 5.1% -29.3%
Providence, RI 4,739 6.0% -0.8%
Raleigh-Durham, NC 9,597 13.8% -8.5%
Richmond, VA 5,416 -0.1% -4.1%
Riverside-San Bernardino, CA 17,771 5.5% 25.4%
San Antonio, TX 7,971 6.9% 11.1%
San Diego, CA 7,787 1.2% -18.2%
San Francisco, CA 2,036 -4.2% -6.5%
San Jose, CA 2,798 1.5% 6.5%
Seattle, WA 6,821 -0.3% -29.8%
Tacoma, WA 3,324 -0.2% -25.6%
Tampa, FL 17,213 -3.6% -12.7%
Tucson, AZ 5,446 4.6% 5.8%
Tulsa, OK 6,442 -2.1% 19.3%
Ventura County, CA 2,024 -1.5% -8.4%
Washington, DC 24,145 -0.4% 3.1%
West Palm Beach, FL 12,411 6.0% -0.7%
Wilmington, DE 4,363 -1.8% -2.5%
National 612,900 2.6% -2.9%

Methodology: Redfin’s National Market Tracker follows housing trends in the country’s largest metropolitan divisions (those with population 500,000 or greater) served by Redfin agents. Analysis by Redfin is based on all residential home sales transacted on the multiple-listing service and supplemented by county recorder data where available. Data may be subject to revision. Metropolitan divisions are based the latest definitions released by the Bureau of Labor Statistics. To view a breakdown of these regions, click here.

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Troy Martin

Troy analyzes real estate trends for Redfin’s research team. He previously worked as a consultant on data validation and visualization for the World Bank, an economist for the Bureau of Economic Analysis and an analyst at the Center for Labor Market Studies.

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