Home Prices and Buyer Competition Hit New Highs in June
Inventory Drought Reaches 21st Consecutive Month

According to the recent Refin report, “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…More 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% in June.”

The median home sale price increased 7.3% to $298,000 in June 2017 compared to June 2016. The continued limits placed upon the markets by the national inventory shortage and the rising home prices is reflected in the reduced increase of home sales of 1.9% compared to 2016.

For the month, June had a 2.5-month supply of homes- which is the lowest Redfin has recorded since it began tracking the market in 2010.

According to prior industry standards, this marks a significant difference from the accepted standard of 6 months prior to the past 18 months.

To further highlight the problematic issue of inventory scarcity, San Jose and Seattle each had less than a one-month supply of homes.

Market Summary          June 2017   Month       Year-Over-Year
Median sale price           $297,600     3.5%        7.3%
All Homes for sale            786,000     1.6%      -10.7%
Median days on market            36       -1         -6
Months of supply                    2.5     -0.2        -0.4

The number of homes for sale fell 10.7%, marking the seventh straight month of double-digit, year-over-year declines.

On a year-to-year comparative basis, there was no change in the number of homes newly listed for sale in June 2017.