Price growth tapped the brakes in San Francisco last month, but the million-dollar housing market continues to challenge buyers. Median sale prices rose 12.4 percent in June from a year ago, Tight supply isn’t helping Bay Area buyers, either. In the city, inventory is down 14.4 percent from last year and there’s only a month’s supply of homes for sale.
Several big Supreme Court decisions and a bushel of upbeat economic data had a lot of Americans partying over the weekend. While you nurse the hangover, here’s a rundown of what it all means. This week, economists expect more good news on home prices and job creation. On July 4th, my old neighbor Dave Grohl will come out of convalescence for an epic event in D.C. His boyhood home? A suburban, three-bedroom split level built in 1955.
Janet Yellen used the word “gradual” seven times in a single hour last week, secret Fedspeak signalling that interest rates probably will rise… gradually. In other housing news, homes are selling at a record speeds and we saw more price frenzy in San Francisco. For Father’s Day, we learned how much Greek kids love Dad—and his basement. Mark your calendars for Thursday, when Redfin debuts an innovative index of homebuyer demand. Also on tap: Harvard releases its annual state-of-housing report and we get more sales data.
In May homes sold at their fastest pace in nearly two years, with the typical property on the market only 28 days, down from 32 in April. Last month, 35.6 percent of homes went under contract within two weeks of their debut, just shy of the peak rate of 35.8 percent exactly two years ago. For the last three years there’s been a double-digit spike in homes sold; this year, an inventory shortage has kept a lid on that growth.
The housing market in Washington D.C. has been “exhausting” for buyers, according to Redfin real estate agents. Here’s what the data shows.