{"id":51736,"date":"2016-07-21T04:50:49","date_gmt":"2016-07-21T11:50:49","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51736"},"modified":"2020-10-06T12:59:49","modified_gmt":"2020-10-06T19:59:49","slug":"june-housing-market-was-the-fastest-and-most-competitive-on-record","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/june-housing-market-was-the-fastest-and-most-competitive-on-record\/","title":{"rendered":"June Housing Market Was the Fastest and Most Competitive on Record"},"content":{"rendered":"
\"National<\/figure>\n

Back in January, <\/span>we said<\/span><\/a> the housing market was about to become more competitive, and indeed it has. June 2016 marked the fastest, most competitive housing market since Redfin began tracking these metrics in 2009. <\/span>
\nIn June, the typical home went under contract in 41 days, the shortest time on record, and four fewer days than we saw last June. And 25.9 percent of homes went off the market in just two weeks, up from 22.6 percent last year.<\/span>
\nThis year\u2019s speed and competition have been driven by a mismatch between supply of and demand for homes that has grown wider each month. <\/span>
\nMonths of supply dropped to its lowest level at 2.8 months, indicating buyer demand outstripped supply by the widest margin we\u2019ve seen in seven years. Buyers responded to the tight competition by making aggressive offers. The average sale-to-list price percentage hit 95.5, a the highest ratio we\u2019ve seen, up from 94.9 percent last year. And 23.6 percent of homes sold above the list price, up from 22.2 percent last year. <\/span>
\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nJune 2016<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$276,000<\/td>\n2.8%<\/td>\n5.5%<\/td>\n<\/tr>\n
Homes sold<\/td>\n304,900<\/td>\n14.5%<\/td>\n4.3%<\/td>\n<\/tr>\n
New listings<\/td>\n344,100<\/td>\n0.3%<\/td>\n-0.1%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n852,200<\/td>\n1.0%<\/td>\n-7.1%<\/td>\n<\/tr>\n
Median days on market<\/td>\n41<\/td>\n-2<\/td>\n-4<\/td>\n<\/tr>\n
Months of supply<\/td>\n2.8<\/td>\n-0.4<\/td>\n-0.3<\/td>\n<\/tr>\n
Sold above list<\/td>\n23.6%<\/td>\n-0.2%<\/td>\n1.6%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n95.5%<\/td>\n0.4%<\/td>\n0.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u201cNow that most Denver<\/a> real estate agents have been navigating this tight inventory, competitive market for a solid two years, a rhythm has emerged and just about every hot home that hits the market here follows it,\u201d said Redfin agent Michelle Ackerman in Denver, the nation\u2019s fastest market, where the typical home went under contract in six days last month. \u201cHomes are listed on Thursday, with a deadline for offers on Monday. Many homes are technically under contract by Monday but that status is often not reflected in the MLS until Tuesday. So homes are actually selling even faster than reported.\u201d <\/span>
\nJune\u2019s hot market ushered in a 5.5 percent year-over-year increase in home prices, following two consecutive months with price growth below 5 percent.<\/span><\/p>\n

\"June<\/figure>\n

The price increases did not draw in new sellers, however.\u00a0 New listings were essentially flat in June, ticking down 0.1 percent from a year earlier.\u00a0 Inventory also continued to slide, down 7.1 percent year over year.
\nDespite the shortage of homes for buyers to choose from, the June market squeaked out a respectable 4.3 percent increase in sales from last year.
\nWhat will the second half of the year bring? It all depends on sellers.\u00a0 Buyers have held up their end of the market, spurred by very low mortgage rates<\/a>. But the lack of new listings continues to crimp overall activity, meaning that there\u2019d be more sales if there were more people selling.
\nAt least one measure suggests that buyers may see some relief from the record-breaking pace of the market later this summer. In June, the percentage of homes that went under contract in less than two weeks came closer to last year\u2019s level, up only 3.7 percent year over year. In May, the year-over-year change was wider at 4.6 percent. If the pattern continues, we may see the market return to a more normal speed. Even a small slowdown in the pace of sales would help supply catch up a bit more with 2016\u2019s white-hot buyer demand.<\/p>\n

\"Homes<\/figure>\n

Other June Highlights<\/strong><\/h3>\n

Prices<\/strong><\/p>\n