{"id":66293,"date":"2019-07-22T04:05:27","date_gmt":"2019-07-22T11:05:27","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=66293"},"modified":"2020-10-06T12:59:42","modified_gmt":"2020-10-06T19:59:42","slug":"june-2019-housing-market-tracker","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/june-2019-housing-market-tracker\/","title":{"rendered":"Home Prices up 3.4 Percent in June as Supply Flattens"},"content":{"rendered":"

The typical home sold in June went under contract in just 35 days, matching last year\u2019s record-fast pace, as falling mortgage rates lured more buyers to the market.<\/h2>\n

U.S. home-sale prices rose for the third consecutive month in June, growing 3.4 percent year over year to a median of $321,200 across the metros Redfin tracks. The growth rate of home prices was on par with the May rate and was down from a 5.5 percent year-over-year gain in June 2018.
\nOnly six of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which was once again in San Jose, where home prices were down 4.9 percent from a year earlier. Oxnard, CA<\/a> (-4.8%), Oakland, CA<\/a> (-2.0%), Seattle, WA<\/a> (-0.5%), Lake County, IL<\/a> (-0.1%) and Los Angeles, CA<\/a> (-0.1%) rounded out the list of metro areas with price drops.
\n\u201cAs national home price growth stabilizes, we\u2019re continuing to see supply and demand dynamics play out differently in affordable inland markets than in expensive coastal markets,\u201d said Redfin chief economist Daryl Fairweather<\/a>. \u201cIn places like Philadelphia<\/a> and Cleveland<\/a>, where home prices are growing by double digits and buyers are rate- and price-sensitive, falling mortgage interest rates make buying a home this summer increasingly attractive. But without a commensurate increase in the number of homes for sale, some of the most affordable markets are driving nationwide home prices up. Meanwhile, expensive markets like the Bay Area and Seattle are still feeling a chill with falling prices and many more homes for sale than there were a year ago. Unlike their inland counterparts, buyers in these once-hot West Coast markets are less likely to feel the urgency to buy while rates are low and before prices rise more. As long as mortgage rates and inventory are low, we\u2019ll see more buyers competing for homes and driving up prices in places where they are still relatively affordable. And without more homes to buy, particularly at affordable price points, sales will continue to lag.\u201d
\n\"Year-Over-Year<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nJune 2019<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$321,200<\/td>\n1.7%<\/td>\n3.4%<\/td>\n<\/tr>\n
Homes sold<\/td>\n302,700<\/td>\n-5.4%<\/td>\n-8.0%<\/td>\n<\/tr>\n
New listings<\/td>\n370,100<\/td>\n-12.5%<\/td>\n-5.7%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n899,900<\/td>\n0.9%<\/td>\n0.5%<\/td>\n<\/tr>\n
Median days on market<\/td>\n35<\/td>\n-1<\/td>\n0<\/td>\n<\/tr>\n
Months of supply<\/td>\n3<\/td>\n0.2<\/td>\n0.3<\/td>\n<\/tr>\n
Sold above list<\/td>\n24.9%<\/td>\n0.5%<\/td>\n-3.5%<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$300,300<\/td>\n1.4%<\/td>\n6.1%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n98.8%<\/td>\n0.4%<\/td>\n0.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home sales fell 8.0 percent in June compared to a year earlier. This was a sharp reversal from May, when home sales increased 2.2 percent from a year before. The decline was broad\u201480 of the 85 metros tracked by Redfin saw year-over-year home sales fall in June.
\nThe metro areas with the largest declines in sales were Rochester, NY<\/a> (-24.2%), Omaha, NE<\/a> (-23.5%), and Fort Lauderdale, FL<\/a> (-22.4%).
\nWith prices growing, flat inventory, and homes selling as fast as ever, we were surprised to see that the number of sales fell as much as it did in June. The 8 percent drop was the fourth largest decline in eight years. When our economists investigated they found that after adjusting for the number of weekdays in a month (Fridays in particular, since that is a common day for home closings), the sales were down just 3.5 percent year over year.
\n\"Home
\n\"June
\nThe supply of homes for sale grew 0.5 percent year over year, the smallest increase in the 10 months inventory has been rising. This is slightly higher than the data we posted for the third week of June earlier this month, suggesting that new listings gained strength in the last week of June. The inventory situation was mixed across the country, with 48 metros seeing a decline and 37 seeing an increase in the number of homes for sale compared to a year earlier.
\nThe three metro areas with the biggest increases in the number of homes for sale were all in California: San Jose<\/a> (+42.8%), Oxnard<\/a> (+26.1%), and Oakland<\/a> (+25.7%). The biggest declines were in New Orleans, LA<\/a> (-32.0%), Rochester, NY<\/a> (-27.8%), and Camden, NJ<\/a> (-19.6%).
\n\"June
\nEven though sales were down from a year ago, the speed at which homes went off the market matched the all-time record set last June. Homes that sold last month went under contract after a median 35 days on market, unchanged from last year. The fastest markets in the nation were Tacoma, WA<\/a> (7 days), Grand Rapids, MI<\/a> (7), and Boston, MA<\/a> (9).
\nOn the other end of the spectrum, many of the markets that were the hottest last year saw an increase in days on market for June compared to a year ago:<\/p>\n