Monthly Market Update

Inventory Declines Continue to Moderate; Number of Homes for Sale in June Down Just 6% Compared to June 2017

Across the 174 markets that Redfin tracks, the typical home sold in May went under contract in 34 days, breaking April’s record of 36 days, which was the fastest month Redfin had recorded going back to 2010. Amid the speed, the national median home sale price rose to $305,600, a 6.3 percent increase from May

  The national median home sale price increased 7.6 percent in April from a year ago, to a median of $302,200. This is the first time the national median home price has surpassed the $300,000 mark across the 174 markets that Redfin tracks. While April posted solid growth in home sales, up 5.2 percent from

New listings declined 5.6 percent in March, a sign of waning seller enthusiasm and ongoing tight market conditions.

“A growing economy, healthy buyer demand and low inventory drove the ramp up in prices last month,” said Redfin chief economist, Nela Richardson