{"id":51906,"date":"2016-07-21T14:00:03","date_gmt":"2016-07-21T21:00:03","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51906"},"modified":"2020-10-06T17:08:15","modified_gmt":"2020-10-07T00:08:15","slug":"with-houses-hard-to-find-homebuyers-beat-down-seller-doors-in-june","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/with-houses-hard-to-find-homebuyers-beat-down-seller-doors-in-june\/","title":{"rendered":"With Houses Hard to Find, Homebuyers Beat Down Sellers&#039; Doors In June"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">House hunters chased a limited supply of homes last month, pushing buyer competition to new heights and lifting sales to their fastest pace since at least the great recession.<\/span><br \/>\n<span style=\"font-weight: 400;\">Homes found buyers in just 41 days in June, a record speed and four days faster than a year earlier, according to <a href=\"https:\/\/redfin.com\/blog?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\">Redfin\u2019s<\/a> monthly <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/07\/june-housing-market-was-the-fastest-and-most-competitive-on-record.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400;\">Housing Market Tracker<\/span><\/a><span style=\"font-weight: 400;\">. Nearly 26\u00a0percent of houses, condos and co-ops found buyers in just two weeks, up from 22.6 percent in June 2015.<\/span><br \/>\n<a href=\"https:\/\/redfin.com\/city\/5155\/CO\/Denver?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400;\">Denver<\/span><\/a><span style=\"font-weight: 400;\"> led the pack, with half of all homes finding purchasers in just six days, down from nine days a year earlier. Seattle and <\/span><a href=\"https:\/\/redfin.com\/city\/30772\/OR\/Portland\/filter\/include=forsale+fsbo+construction?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400;\">Portland<\/span><\/a><span style=\"font-weight: 400;\"> were close behind, with a typical house going under contract in only eight days.<\/span><br \/>\n<span style=\"font-weight: 400;\">Across the U.S., the supply of homes for sale dropped to 2.8 months as buyer demand outstripped supply by the widest margin in at least seven years. House hunters responded with aggressive purchase offers, and more than one in four homes sold for more than the advertised price, <a href=\"https:\/\/redfin.com\/blog\/data-center\">Redfin data<\/a> showed.<\/span><\/p>\n<h3><strong>What&#8217;s going on?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The housing market is working through a rare convergence of events. Prices have rebounded at a steady clip since the credit crisis shook America\u2019s faith in owning homes. Mortgage rates are set firmly near historic lows. Steady job growth and rising rents have the country\u2019s growing flock of millennials wading into homeownership for the first time.<\/span><br \/>\n<span style=\"font-weight: 400;\">Excluding brand-new construction, consumers were on track to buy 5.57 million homes this year, the highest rate of sales since February 2007, according to the National Association of Realtors.<\/span><br \/>\n<span style=\"font-weight: 400;\">Builders can\u2019t <\/span><a href=\"https:\/\/www.census.gov\/construction\/nrc\/index.html\"><span style=\"font-weight: 400;\">break ground<\/span><\/a><span style=\"font-weight: 400;\"> or stack bricks fast enough to handle that rising demand and shifting demographics. <\/span><br \/>\n<span style=\"font-weight: 400;\">And sellers are sitting on the fence despite home values. New for-sale listings were flat in June and the inventory of properties on the market continued to slide, down 7.1 percent year over year.<\/span><br \/>\n<span style=\"font-weight: 400;\">Measured year over year, median prices have been rising since March 2012, climbing 5.5 percent in June compared a year ago, according to <\/span><span style=\"font-weight: 400;\">Redfin<\/span><span style=\"font-weight: 400;\"> data. \u00a0<\/span><\/p>\n<h3><strong>The outlook<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The lack of new listings continues to crimp sales and fuel competition, but homebuyers might get some relief later this summer.\u00a0<\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/07\/mortgage-rates-going-up-but-summer-home-sales-stay-hot.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400;\">Mortgage rates<\/span><\/a><span style=\"font-weight: 400;\">, while low, have ticked up in the past two weeks. Lofty prices are discouraging some buyers, sending some to renew leases on their apartments.\u00a0<\/span><span style=\"font-weight: 400;\">Competition could ease as a result. But major supply-and-demand woes will continue to drive up prices in the near term. \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyer competition hit new heights and lifted sales to their fastest pace since at least 2009.<\/p>\n","protected":false},"author":13355,"featured_media":51907,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,59],"coauthors":[],"class_list":["post-51906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-market-launch"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>With Houses Hard to Find, Homebuyers Beat Down Sellers&#039; 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