{"id":41596,"date":"2015-06-18T05:00:57","date_gmt":"2015-06-18T12:00:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=22177"},"modified":"2020-10-06T12:59:51","modified_gmt":"2020-10-06T19:59:51","slug":"market-tracker-may-2015-2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-may-2015-2\/","title":{"rendered":"Home Sales Hit High Speed as Price Growth Taps Brakes"},"content":{"rendered":"

\"Home<\/a><\/p>\n

Sales Growth Slows as New Listings Drop by 1.8 Percent<\/em><\/strong><\/p>\n

Boston Homes Sold Twice as Fast in May than in April<\/em><\/strong><\/p>\n

San Francisco Home Prices Soar 25% From Last Year<\/em><\/strong><\/p>\n

Homes sold at their fastest pace in nearly two years, with the typical property on the market only 28 days in May, 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.
\nHome sales across Redfin markets rose 5.4 percent in May from April and 3.1 percent from a year earlier. For the last three years there\u2019s been a double-digit spike in homes sold; this year, an inventory shortage has kept a lid on that growth.
\n\"Home<\/a>
\nEven as homes sold more quickly, May showed a significant slowdown in month-over-month price growth, up just 1.6 percent. That\u2019s relatively low — in each of the past five years, prices rose at least 3 percent in May. Year over year, the median price was up 6 percent last month to almost $279,900, a marked drop from the 7.7 percent increase in April.
\n\"Housing<\/a>
\nBecause of steady buyer demand, inventory has barely budged from last year\u2019s low levels. The number of houses, condos and co-ops for sale in March and April grew by less than 1 percent year over year; they dipped slightly in May.
\nThe composition of buyers — more traditional households and fewer investors — also has kept prices from surging at the double-digit rates seen in 2013.<\/p>\n

Other May Highlights<\/h2>\n

Prices<\/h4>\n