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.
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.
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.
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.