{"id":62982,"date":"2018-06-14T04:45:57","date_gmt":"2018-06-14T11:45:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=62982"},"modified":"2020-10-06T12:59:45","modified_gmt":"2020-10-06T19:59:45","slug":"market-tracker-may-2018","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-may-2018\/","title":{"rendered":"May Real Estate Market the Fastest on Record; Prices Up 6.3%"},"content":{"rendered":"

Across the 174 markets that Redfin tracks, the typical home sold in May went under contract in 34 days, breaking April\u2019s 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 2017. <\/span>
\nThe number of newly listed homes for sale increased 4.3 percent compared to May of last year, driving a 3.6 percent increase in the number of homes sold. However, the overall supply of homes declined 5.4 percent during the same time period. Just 2.5 months of supply remained at the end of the month, compared to the six months that generally signals a balanced market. <\/span>
\nAmong homes that sold in May, 27.6 percent sold above their list price, the highest percentage Redfin has recorded, indicating strong competition for the few homes available. At the same time, nearly a quarter of homes for sale had a price drop in May, the highest percentage of price drops since September of 2017. <\/span>
\n\u201cPrices are still increasing, but not at the same rate we saw earlier in the spring,\u201d said Redfin senior economist Taylor Marr. \u201cThe record percentage of homes sold above list price is at odds with the higher percentage of price drops in May. This tells us that while it\u2019s still very much a seller\u2019s market, price growth and rising mortgage rates may be pushing buyers to the limit of what they\u2019re able to pay.\u201d<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nMay 2018<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$305,600<\/td>\n1.5%<\/td>\n6.3%<\/td>\n<\/tr>\n
Homes sold<\/td>\n292,900<\/td>\n18.4%<\/td>\n3.6%<\/td>\n<\/tr>\n
New listings<\/td>\n373,500<\/td>\n7.6%<\/td>\n4.3%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n728,300<\/td>\n5.6%<\/td>\n-5.4%<\/td>\n<\/tr>\n
Median days on market<\/td>\n34<\/td>\n-3<\/td>\n-4<\/td>\n<\/tr>\n
Months of supply<\/td>\n2.5<\/td>\n-0.3<\/td>\n-0.2<\/td>\n<\/tr>\n
Sold above list<\/td>\n27.6%<\/td>\n1.3%<\/td>\n1.2%<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$289,600<\/td>\n0.8%<\/td>\n7.4%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n98.6%<\/td>\n0.3%<\/td>\n-0.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For the seventh month in a row, San Jose<\/a> topped the nation with price growth over 25 percent. The supply of San Jose homes fell 13.8 percent compared to last year. That drop is actually the smallest decline in a 16-month stretch of inventory declines, an indication of the intensity of San Jose\u2019s inventory shortage. A bit of good news for San Jose buyers: the number of homes newly listed in May ticked up 11.2 percent compared to last year. <\/span>
\nAfter a prolonged period of inventory declines, some metro areas are finally seeing more homes hit the market. Washington, D.C.<\/a> and Portland, OR<\/a> have now had four months in a row of year-over-year increases in inventory. Seattle<\/a> inventory increased for the second month in a row, up 17.4 percent in May compared to last year.
\n\u201cTwo months of growing inventory is a positive sign for Seattle buyers, but the previous 43 consecutive months of inventory declines won\u2019t be reversed overnight,\u201d said Jessie Culbert, a Redfin agent in Seattle<\/a>. \u201cEven so, we can already feel a slight easing in the market. Homes are still selling quickly and often over-asking, but where last May a seller may have gotten 15 to 20 offers, this May it was two to five.\u201d<\/span><\/p>\n

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

Competition<\/b><\/p>\n