June Housing Market Sets All-Time Records for High Speed and Low Supply - Redfin Real Estate News

June Housing Market Sets All-Time Records for High Speed and Low Supply

by
Updated on October 6th, 2020

june housing market

Prices Soar 14.8% in Denver and 16.3% in San Francisco over Last Year

Boston Home Sales Increase 49.3% in One Month

Market Summary June 2015 Month-Over-Month Year-Over-Year
Median sale price $285,200 1.6% 5.1%
Homes sold   194,828 12.4% 11.4%
 New listings   249,726 -1.3% 10.1%
All Homes for Sale   682,712 2.2% -0.1%
Median days on market 26 -2 -5
Off market in 2 weeks 36.2% 0.8% 4.6%
Months of supply 3.5 -0.4 -0.4
Sold above list 23.0% 0.4% 2.0%

U.S. Home sales increased 11.4 percent in June compared to the same time last year, leaving buyers with the lowest supply of homes for sale on record. At the current pace of demand, there are only 3.5 months of home inventory left. Six months of inventory is considered a balanced market. June was also the fastest market we’ve ever seen, with median days on market falling to 26, breaking the record of 27 days set in June of 2013.
Despite high buyer demand and low inventory, price growth is still moderate at 5.1 percent year over year in June. But cities like Denver, Los Angeles, Miami and San Francisco are bringing up the average with double-digit year-over-year price increases.
 
market-tracker-june-2015-months-of-supply
market-tracker-june-2015-decline-in-inventory
Not surprisingly, competition was high in June, with 23 percent of homes sold over asking price, up 2 percentage points year over year, and edging closer to the record high of 27.4 percent seen in June of 2013.
 
market-tracker-june-2015-sold-above-list
market-tracker-june-2015-median-home-sale-price

Other June Highlights

Prices

  • The median sale price in San Francisco fell 2.8% month over month  to $1,070,000.  Year over year, prices were up 16.3%, the highest increase of any metro area.
  • Prices in Denver continued to soar 14.8% year over year to $325,000. July was the eighth consecutive month of year-over-year price growth above 10%.
  • Baltimore saw prices fall year over year for the third straight month. The median sale price fell 5.7% to $267,000 in June.  Price declines were widespread in the Baltimore area, with the only exception being Howard County, where prices increased by 5%.
  • In addition to Baltimore, only two other markets saw year-over-year price declines, Hudson Valley, NY and Honolulu, down 5.3% and 4% respectively. Washington D.C. prices were flat in June compared to last year.

Sales

  • San Jose saw the largest year-over-year drop in sales on record going back to 1998, falling by 50.7% since last year, despite 13.5% year-over-year inventory growth. San Jose also saw the biggest slowdown in median days on market to 33 from 13 last year. With price increases of 13.7%, we think buyers are reaching the limits of what they’re willing to pay.
  • Richmond, VA led all other markets in year-over-year sales growth, with a massive increase of 35.4% over last June. Boston had the highest increase from May to June at 49.3%.
  • The housing market also remained strong in Nashville, where sales increased 28.8% over last year to 3,450.

Competition and Speed

  • Denver remained the fastest market with half of all new listings selling in 6 days or less, followed by Seattle (9), Portland (10), Omaha (11), and Boston (11).
  • Nashville (-2.7 months of supply), Jacksonville (-2.6), and Tacoma, WA (-2.3) saw the biggest decreases in supply, while Oakland and Denver had the lowest supply overall with only 1.5 and 1.6 months of supply at the end of June.
  • Fresno has seen the biggest increase in competition in 2015.  21.5% of homes sold above list in June, up from near-zero (0.6%) last year.  Median days on market dropped to 22 from 28, and sales were up 25%.

New Listings

  • Boston had the largest surge of listings with 11,710 properties coming on the market in June, up 28.9% over last year, followed by San Antonio, TX (27.8%), and Riverside-San Bernardino (26.7%).
  • San Francisco listings declined 10.6% from June 2014.  San Francisco has not seen year-over-year growth in new listings since February 2014.

You can download data from the June Market Tracker in an Excel Spreadsheet.

Median Sale Price

Metro Median Sale Price Month-over-
Month
Year-over-
Year
Allentown, PA $200,000 14.6%
8.1%
Atlanta, GA $210,000 0.0%
7.7%
Austin, TX $274,000 0.6%
8.1%
Baltimore, MD $260,000 2.8%
-3.7%
Boston, MA $380,000 5.8%
1.3%
Buffalo, NY $137,500 10.1%
5.8%
Charlotte, NC $214,000 3.5%
7.0%
Chicago, IL $232,000 5.0%
5.5%
Cleveland, OH $139,900 9.3%
1.7%
Dallas-Fort Worth, TX $225,000 1.4%
9.8%
Denver, CO $325,000 0.9%
14.8%
Fort Lauderdale, FL $210,000 4.0%
13.4%
Fort Myers-Cape Coral, FL $196,000 -1.1%
8.9%
Fresno, CA $225,000 1.0%
7.4%
Hampton Roads, VA $224,000 1.7%
1.8%
Honolulu, HI $479,800 -1.1%
-4.0%
Houston, TX $225,000 0.0%
4.3%
Hudson Valley, NY $450,000 5.4%
-5.3%
Indianapolis, IN $162,900 3.1%
5.1%
Jacksonville, FL $190,000 4.3%
9.5%
Las Vegas, NV $201,000 3.1%
9.8%
Little Rock, AR $155,000 -1.3%
1.6%
Long Island, NY $390,000 2.6%
3.1%
Los Angeles, CA $515,000 3.0%
13.2%
Louisville, KY $173,600 2.2%
6.1%
Miami, FL $245,000 0.0%
11.4%
Minneapolis-St. Paul, MN $229,900 3.3%
5.0%
Nashville, TN $233,700 2.4%
3.9%
New Orleans, LA $195,000 -1.3%
2.7%
Oakland, CA $609,000 0.7%
8.7%
Oklahoma City, OK $170,200 5.0%
6.4%
Omaha, NE $180,000 5.2%
9.1%
Orange County, CA $603,800 1.7%
5.0%
Orlando, FL $183,000 1.1%
7.9%
Philadelphia, PA $259,900 8.3%
2.5%
Phoenix, AZ $216,000 0.5%
8.1%
Portland, OR $310,000 3.3%
10.7%
Providence, RI $220,000 1.4%
1.1%
Raleigh-Durham, NC $242,000 2.1%
9.0%
Richmond, VA $228,000 3.2%
6.0%
Riverside-San Bernardino, CA $304,900 2.0%
7.0%
Rochester, NY $140,000 7.7%
3.7%
Sacramento, CA $323,000 -0.6%
7.7%
San Antonio, TX $200,500 -0.2%
9.4%
San Diego, CA $484,800 3.1%
6.5%
San Francisco, CA $1,070,000 -2.8%
16.3%
San Jose, CA $850,000 -6.4%
13.7%
Seattle, WA $415,000 3.8%
7.7%
Tacoma, WA $254,500 -0.2%
10.7%
Tampa, FL $172,000 2.4%
10.9%
Tucson, AZ $178,000 2.7%
3.5%
Ventura County, CA $530,200 2.0%
8.7%
Washington, DC $390,000 1.3%
0.0%
West Palm Beach, FL $238,000 0.4%
6.5%
Wilmington, DE $224,500 9.2%
4.4%
Overall $285,200 1.6%
5.1%

Homes Sold

Metro Homes Sold Month-over-
Month
Year-over-
Year
Allentown, PA 787 26.3%
17.1%
Atlanta, GA 9,590 4.8%
15.4%
Austin, TX 2,993 7.5%
-0.6%
Baltimore, MD 4,036 19.2%
22.5%
Boston, MA 7,449 49.3%
10.8%
Buffalo, NY 821 19.9%
-4.5%
Charlotte, NC 3,465 16.6%
16.9%
Chicago, IL 11,952 10.5%
4.4%
Cleveland, OH 2,563 15.6%
11.1%
Dallas-Fort Worth, TX 9,141 7.7%
-0.4%
Denver, CO 5,881 14.8%
4.6%
Fort Lauderdale, FL 3,087 6.4%
3.3%
Fort Myers-Cape Coral, FL 1,869 -2.3%
7.6%
Fresno, CA 893 18.1%
24.0%
Hampton Roads, VA 2,163 15.4%
14.1%
Honolulu, HI 842 9.1%
14.6%
Houston, TX 7,808 18.1%
3.1%
Hudson Valley, NY 1,201 44.2%
8.8%
Indianapolis, IN 3,346 12.8%
12.8%
Jacksonville, FL 2,380 11.6%
12.7%
Las Vegas, NV 3,604 9.4%
11.7%
Little Rock, AR 880 -3.5%
5.1%
Long Island, NY 2,117 22.7%
0.4%
Los Angeles, CA 6,767 11.5%
12.1%
Louisville, KY 1,634 22.2%
20.7%
Miami, FL 3,095 16.0%
5.6%
Minneapolis-St. Paul, MN 6,939 19.7%
22.5%
Nashville, TN 3,450 6.6%
28.8%
New Orleans, LA 1,282 3.2%
1.7%
Oakland, CA 3,005 11.4%
15.7%
Oklahoma City, OK 2,061 9.7%
2.5%
Omaha, NE 1,481 4.2%
8.3%
Orange County, CA 3,142 7.1%
15.3%
Orlando, FL 4,133 9.2%
20.6%
Philadelphia, PA 5,131 28.1%
13.6%
Phoenix, AZ 8,417 5.2%
19.4%
Portland, OR 4,136 11.5%
20.3%
Providence, RI 1,068 27.6%
17.0%
Raleigh-Durham, NC 3,501 16.0%
21.4%
Richmond, VA 1,987 35.4%
35.4%
Riverside-San Bernardino, CA 5,216 6.1%
13.2%
Rochester, NY 1,088 16.5%
-2.7%
Sacramento, CA 3,118 10.3%
16.9%
San Antonio, TX 2,466 -1.2%
18.2%
San Diego, CA 3,674 11.1%
16.4%
San Francisco, CA 1,095 -14.1%
-27.0%
San Jose, CA 747 -35.0%
-50.7%
Seattle, WA 4,958 10.6%
14.5%
Tacoma, WA 1,357 13.4%
23.9%
Tampa, FL 5,691 10.3%
21.5%
Tucson, AZ 1,392 4.8%
12.0%
Ventura County, CA 883 8.3%
19.6%
Washington, DC 9,076 18.9%
14.0%
West Palm Beach, FL 3,161 3.1%
11.3%
Wilmington, DE 809 15.6%
13.3%
Overall 194,828 12.4%
11.4%

New Listings

Metro New Listings Month-over-
Month
Year-over-
Year
Allentown, PA 1,513 -4.4%
16.6%
Atlanta, GA 10,823 1.5%
10.9%
Austin, TX 3,919 0.0%
3.7%
Baltimore, MD 5,499 -10.8%
5.1%
Boston, MA 11,710 -9.3%
28.9%
Buffalo, NY 1,826 4.5%
13.0%
Chicago, IL 18,859 -4.5%
1.8%
Cleveland, OH 3,924 -3.8%
5.6%
Dallas-Fort Worth, TX 11,589 2.6%
5.1%
Denver, CO 6,845 0.4%
4.1%
Fort Lauderdale, FL 1,555 1.7%
25.7%
Fort Myers-Cape Coral, FL 1,975 -2.9%
9.4%
Fresno, CA 1,150 1.8%
17.1%
Hampton Roads, VA 3,359 7.4%
14.4%
Honolulu, HI 1,143 12.4%
-2.5%
Houston, TX 11,390 1.9%
15.5%
Hudson Valley, NY 2,316 -13.8%
9.8%
Indianapolis, IN 4,233 1.6%
2.9%
Jacksonville, FL 3,064 2.9%
11.8%
Las Vegas, NV 4,713 4.8%
6.8%
Little Rock, AR 1,491 3.8%
4.3%
Long Island, NY 4,701 -5.8%
6.7%
Los Angeles, CA 10,365 12.6%
13.3%
Louisville, KY 2,121 -0.6%
1.6%
Miami, FL 2,342 10.7%
15.0%
Minneapolis-St. Paul, MN 8,564 0.7%
0.9%
Nashville, TN 4,794 1.6%
17.3%
New Orleans, LA 1,885 4.6%
8.0%
Oakland, CA 3,376 -3.6%
0.5%
Oklahoma City, OK 2,780 7.5%
8.2%
Omaha, NE 1,803 4.1%
3.7%
Orange County, CA 4,719 8.1%
23.4%
Orlando, FL 5,239 2.0%
12.6%
Philadelphia, PA 6,914 -11.8%
4.2%
Phoenix, AZ 8,775 -2.1%
4.5%
Portland, OR 5,201 0.3%
1.5%
Providence, RI 1,727 -8.8%
4.4%
Richmond, VA 2,266 -8.7%
15.4%
Riverside-San Bernardino, CA 8,329 9.1%
26.7%
Rochester, NY 2,147 -6.9%
7.4%
San Antonio, TX 3,654 -0.4%
27.8%
San Diego, CA 4,868 3.9%
1.4%
San Francisco, CA 1,547 -4.6%
-10.6%
San Jose, CA 1,890 -3.4%
4.4%
Seattle, WA 5,829 -2.2%
4.5%
Tacoma, WA 1,701 -4.8%
4.8%
Tampa, FL 6,386 -1.3%
9.8%
Tucson, AZ 1,689 -5.1%
0.2%
Ventura County, CA 1,181 2.1%
12.7%
Washington, DC 11,547 -12.8%
4.1%
West Palm Beach, FL 3,620 -1.3%
-0.1%
Wilmington, DE 1,204 -10.5%
0.9%
Overall 249,726 -1.3%
10.1%

Inventory

Metro Inventory Month-over-
Month
Year-over-
Year
Allentown, PA 6,846 2.7%
14.9%
Atlanta, GA 34,449 -0.5%
-5.9%
Austin, TX 8,835 2.5%
-2.6%
Baltimore, MD 18,152 -2.3%
-3.3%
Boston, MA 29,179 2.6%
-3.4%
Chicago, IL 66,262 10.2%
9.7%
Dallas-Fort Worth, TX 23,432 5.1%
-17.2%
Denver, CO 9,280 20.2%
-3.1%
Fresno, CA 3,032 -0.9%
11.0%
Hampton Roads, VA 12,317 1.0%
2.9%
Honolulu, HI 4,143 1.0%
-7.1%
Houston, TX 29,164 2.0%
16.0%
Indianapolis, IN 18,259 0.5%
-7.0%
Jacksonville, FL 10,801 -5.3%
-26.3%
Las Vegas, NV 18,003 -1.6%
-6.1%
Little Rock, AR 7,537 3.9%
2.4%
Long Island, NY 20,207 1.7%
-0.5%
Los Angeles, CA 22,123 6.6%
-4.4%
Miami, FL 10,099 -3.8%
-15.9%
Minneapolis-St. Paul, MN 23,190 -0.3%
-11.9%
Nashville, TN 13,526 2.5%
-20.5%
Oakland, CA 4,358 1.0%
-17.8%
Omaha, NE 4,066 3.7%
-16.7%
Orange County, CA 9,381 15.5%
24.2%
Orlando, FL 19,665 -3.4%
-1.6%
Philadelphia, PA 29,051 -0.9%
-2.2%
Phoenix, AZ 27,022 -0.2%
-15.2%
Portland, OR 9,343 -0.5%
-30.1%
Providence, RI 6,274 7.5%
3.3%
Richmond, VA 6,850 -1.6%
-4.8%
Riverside-San Bernardino, CA 26,797 3.4%
19.5%
San Antonio, TX 11,709 3.4%
5.3%
San Diego, CA 9,697 -0.5%
-16.3%
San Francisco, CA 2,506 -5.6%
-8.3%
San Jose, CA 3,273 -1.9%
13.5%
Seattle, WA 8,859 -1.0%
-27.5%
Tacoma, WA 4,810 -1.1%
-24.5%
Tampa, FL 24,321 -4.5%
-3.9%
Tucson, AZ 8,321 5.0%
6.7%
Ventura County, CA 2,415 -1.7%
-10.7%
Washington, DC 28,363 -0.9%
1.3%
West Palm Beach, FL 15,658 1.1%
-3.3%
Wilmington, DE 5,310 -1.1%
-3.4%
Overall 682,712 2.2%
-0.1%

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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