{"id":58631,"date":"2017-07-13T04:56:24","date_gmt":"2017-07-13T11:56:24","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=58631"},"modified":"2020-10-06T12:59:47","modified_gmt":"2020-10-06T19:59:47","slug":"market-tracker-june-2017","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-june-2017\/","title":{"rendered":"Home Prices and Buyer Competition Hit New Highs in June as Inventory Drought Dragged into 21st Consecutive Month"},"content":{"rendered":"

The median home sale price increased 7.3 percent from a year ago to $298,000 in June. This is the highest national median sale price recorded since we began keeping track in 2010. <\/span>Despite record-high buyer demand<\/span><\/a> during the busy spring market, sales only increased 1.9 percent compared to last year, constrained by a low supply of homes on the market.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nJune 2017<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$297,600<\/td>\n3.5%<\/td>\n7.3%<\/td>\n<\/tr>\n
Homes sold<\/td>\n308,800<\/td>\n7.2%<\/td>\n1.9%<\/td>\n<\/tr>\n
New listings<\/td>\n352,500<\/td>\n-2.7%<\/td>\n0.0%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n786,000<\/td>\n1.6%<\/td>\n-10.7%<\/td>\n<\/tr>\n
Median days on market<\/td>\n36<\/td>\n-1<\/td>\n-6<\/td>\n<\/tr>\n
Months of supply<\/td>\n2.5<\/td>\n-0.2<\/td>\n-0.4<\/td>\n<\/tr>\n
Sold above list<\/td>\n26.6%<\/td>\n0.6%<\/td>\n2.4%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n95.5%<\/td>\n0.2%<\/td>\n0.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The number of homes for sale fell 10.7 percent, marking seven straight months of double-digit, year-over-year declines. Compared with a year earlier, there was no change in the number of homes newly listed for sale in June. June had a 2.5-month supply of homes–the lowest Redfin has recorded since we began tracking the market in 2010–well below the six months that represents a market balanced between buyers and sellers. San Jose and Seattle each had less than a one-month supply of homes. <\/span>
\nEvery record in market speed and competition that was <\/span>set in May<\/span><\/a> was broken again in June. The typical home that sold in June went under contract in 36 days, one day faster than in May, setting a new record-fast pace for home sales. Denver, Portland and Seattle were the fastest-moving markets, with the typical home in each market finding a buyer in just seven days. <\/span>
\nMore than a quarter (26.6%) of homes sold above their list price, the highest percentage Redfin has recorded. The average sale-to-list price ratio hit a record high of 95.5 percent in June.
\n\u201cThis market is unlike any we\u2019ve ever seen before,\u201d said Redfin chief economist Nela Richardson. \u201cMonth after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs. \u00a0For buyers competing in this market, it\u2019s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.\u201d<\/p>\n

\"June\"Average<\/figure>\n
<\/figure>\n

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

Competition<\/span><\/h3>\n