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.
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.
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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