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

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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. Despite record-high buyer demand 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.

Market Summary June 2017 Month-Over-Month Year-Over-Year
Median sale price $297,600 3.5% 7.3%
Homes sold 308,800 7.2% 1.9%
New listings 352,500 -2.7% 0.0%
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
Sold above list 26.6% 0.6% 2.4%
Average Sale-to-list 95.5% 0.2% 0.4%

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.

Every record in market speed and competition that was set in May 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.

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 percent in June.

“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs.  For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”

June 2017 InventoryAverage Sale-to-List

Other June Highlights

Competition

  • Denver, CO, Portland, OR and Seattle, WA tied for fastest market at 7 median days on market, followed by Grand Rapids, MI (8) and Boston, MA (9).
  • The most competitive market in June was San Jose, CA where 73.7% of homes sold above list price, followed by 70.6% in San Francisco, CA, 69.8% in Oakland, CA, 62.3% in Seattle, WA, and 52.6% in Tacoma, WA.

Prices

  • Fort Lauderdale, FL had the nation’s highest growth in home prices, rising 15.6% since last year to $260,000, followed by Nashville, TN (14%), Seattle, WA (13.5%), Tacoma, WA (12.2%), and Deltona, FL (12.1%).
  • Two metros saw price declines in June: Greensboro, NC (-1.2%), and Tulsa, OK (-0.3%).

Sales

  • Ten out of 89 metros saw sales surge by double digits from last year. Poughkeepsie, NY led the nation in year-over-year sales growth, up 42.6%, followed by Camden, NJ, up 23.1%. Lakeland, FL rounded out the top three with sales up 16.3% from a year ago.
  • Buffalo, NY saw the largest decline in sales since last year, falling 26.9%. Home sales in Rochester, NY and Fort Lauderdale, FL declined by 21.2% and 15.5%, respectively.

Inventory

  • San Jose, CA had the largest decrease in overall inventory, falling 42.2% since last June. Rochester, NY (-29.7%), San Francisco, CA (-26.6%), and Tampa, FL (-26.5%) also saw far fewer homes available on the market than a year ago.
  • Three metros in Utah saw the highest increases in the number of homes for sale. Ogden, UT had the highest increase in inventory, up 40.5% year over year, followed by Provo, UT (36.7%) and Salt Lake City, UT (30.1%).

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 1.5 million or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Atlanta, GA $227,000 3.2% 6.5%
Austin, TX $310,000 0.6% 5.1%
Baltimore, MD $275,000 0.0% 1.9%
Boston, MA $422,800 5.7% 7.0%
Charlotte, NC $246,100 8.0% 10.7%
Chicago, IL $250,000 2.5% 4.6%
Cincinnati, OH $179,900 9.0% 7.9%
Cleveland, OH $150,200 5.0% 3.6%
Columbus, OH $199,000 2.3% 9.3%
Dallas-Fort Worth, TX $267,000 0.4% 7.5%
Denver, CO $389,000 3.7% 8.7%
Detroit, MI $184,900 12.1% 8.8%
Edison, NJ $310,000 5.1% 2.3%
Fort Lauderdale, FL $260,000 8.3% 15.6%
Hampton Roads, VA $235,000 5.4% 2.2%
Houston, TX $239,000 1.7% 4.0%
Indianapolis, IN $175,500 3.2% 6.4%
Kansas City, MO $205,000 3.0% 5.1%
Las Vegas, NV $240,000 2.1% 11.6%
Long Island, NY $435,000 4.8% 11.5%
Los Angeles, CA $586,000 1.9% 7.5%
Miami, FL $281,500 4.3% 8.3%
Milwaukee, WI $218,000 14.7% 10.9%
Minneapolis-St. Paul, MN $259,700 3.9% 8.2%
Nashville, TN $285,000 5.6% 14.0%
Oakland, CA $719,500 3.5% 9.8%
Orange County, CA $685,000 1.5% 6.5%
Orlando, FL $230,000 3.7% 10.0%
Philadelphia, PA $265,000 5.5% 7.3%
Phoenix, AZ $247,000 1.9% 6.4%
Pittsburgh, PA $169,000 5.6% 5.7%
Portland, OR $379,000 2.1% 9.8%
Riverside-San Bernardino, CA $345,000 1.5% 8.2%
Sacramento, CA $376,000 0.5% 5.9%
San Antonio, TX $217,700 2.2% 3.8%
San Diego, CA $555,000 2.8% 11.2%
San Francisco, CA $1,250,000 -2.3% 4.2%
San Jose, CA $1,000,000 2.0% 11.1%
Seattle, WA $525,000 2.9% 13.5%
St. Louis, MO $180,000 2.9% 0.0%
Tampa, FL $215,000 2.4% 11.4%
Washington, DC $410,000 2.5% 5.4%
National $297,600 3.5% 7.3%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Atlanta, GA 12,691 11.2% 9.1%
Austin, TX 3,380 2.7% -2.8%
Baltimore, MD 5,105 26.8% -2.1%
Boston, MA 8,051 30.7% -4.4%
Charlotte, NC 3,616 7.4% -0.6%
Chicago, IL 15,382 15.3% 10.3%
Cincinnati, OH 2,693 2.6% -2.1%
Cleveland, OH 3,035 6.8% -3.3%
Columbus, OH 3,316 6.2% 4.7%
Dallas-Fort Worth, TX 9,397 0.9% -1.8%
Denver, CO 5,986 3.5% 3.8%
Detroit, MI 6,676 0.0% 12.1%
Edison, NJ 3,768 13.9% 13.9%
Fort Lauderdale, FL 3,212 -11.0% -15.5%
Hampton Roads, VA 2,312 -9.9% -4.4%
Houston, TX 8,481 1.4% 2.3%
Indianapolis, IN 3,571 9.6% -0.1%
Kansas City, MO 3,798 5.7% -6.9%
Las Vegas, NV 4,360 2.8% 7.0%
Long Island, NY 2,608 2.0% 7.1%
Los Angeles, CA 7,915 12.3% 5.9%
Miami, FL 2,962 -3.8% 0.5%
Milwaukee, WI 2,396 13.9% -4.0%
Minneapolis-St. Paul, MN 8,046 31.1% 15.3%
Nashville, TN 3,668 9.9% -3.1%
Oakland, CA 2,911 8.7% -2.1%
Orange County, CA 3,233 2.1% 1.4%
Orlando, FL 4,461 -7.5% 6.0%
Philadelphia, PA 6,411 14.7% 11.7%
Phoenix, AZ 9,405 -3.3% 6.0%
Pittsburgh, PA 2,863 22.5% 4.1%
Portland, OR 4,082 4.2% -6.3%
Riverside-San Bernardino, CA 6,089 4.6% 5.1%
Sacramento, CA 3,182 2.8% -7.2%
San Antonio, TX 2,737 -3.6% -7.4%
San Diego, CA 3,721 2.5% -2.6%
San Francisco, CA 1,491 6.4% 0.9%
San Jose, CA 1,736 5.6% 4.8%
Seattle, WA 5,330 6.6% -1.8%
St. Louis, MO 4,444 7.3% 4.8%
Tampa, FL 6,377 1.0% 6.5%
Washington, DC 10,432 9.5% 3.9%
National 308,800 7.2% 1.9%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Atlanta, GA 35,215 12.4% -2.5%
Austin, TX 8,129 5.5% 17.1%
Baltimore, MD 10,853 0.3% -18.9%
Boston, MA 11,526 -2.4% -23.6%
Charlotte, NC 10,450 -0.7% -7.7%
Chicago, IL 44,494 -0.8% -14.6%
Cincinnati, OH 8,412 2.2% -16.2%
Cleveland, OH 9,166 3.1% -15.5%
Columbus, OH 7,313 5.9% -8.4%
Dallas-Fort Worth, TX 18,964 1.8% -1.4%
Denver, CO 6,942 10.9% -7.6%
Detroit, MI 11,863 4.3% -24.5%
Edison, NJ 13,616 -9.5% -15.3%
Fort Lauderdale, FL 14,399 2.6% -2.3%
Hampton Roads, VA 8,203 3.0% -8.8%
Houston, TX 27,402 1.6% 6.4%
Indianapolis, IN 6,856 1.7% -20.4%
Las Vegas, NV 10,346 -5.3% -25.4%
Long Island, NY 11,201 -1.4% -19.2%
Los Angeles, CA 16,154 -2.1% -6.7%
Miami, FL 17,299 -2.2% -7.2%
Milwaukee, WI 6,685 2.7% -11.8%
Minneapolis-St. Paul, MN 12,236 4.0% -14.6%
Nashville, TN 9,521 2.6% 7.7%
Oakland, CA 2,839 -0.7% -24.6%
Orange County, CA 7,667 -2.4% -12.8%
Orlando, FL 10,075 -1.1% -20.1%
Philadelphia, PA 15,460 3.4% -15.7%
Phoenix, AZ 19,655 -7.3% -15.6%
Pittsburgh, PA 10,340 -0.6% -10.8%
Portland, OR 6,154 16.0% -0.7%
Riverside-San Bernardino, CA 14,643 -5.8% -12.6%
Sacramento, CA 5,020 7.5% -21.9%
San Antonio, TX 8,138 2.3% -4.9%
San Diego, CA 5,592 -1.4% -25.3%
San Francisco, CA 1,863 -10.4% -26.6%
San Jose, CA 1,467 -15.3% -42.2%
Seattle, WA 4,574 13.0% -25.3%
St. Louis, MO 15,334 14.9% 5.2%
Tampa, FL 12,238 -5.2% -26.5%
Washington, DC 17,886 0.5% -16.5%
National 786,000 1.6% -10.7%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Atlanta, GA 13,008 -1.8% -3.8%
Austin, TX 4,425 -1.4% 8.7%
Baltimore, MD 5,267 -3.3% -0.7%
Boston, MA 8,792 -10.0% -4.9%
Charlotte, NC 3,731 -4.7% -1.6%
Chicago, IL 15,848 -4.7% -5.3%
Cincinnati, OH 3,121 2.8% -2.7%
Cleveland, OH 3,692 2.8% 5.5%
Columbus, OH 3,873 4.6% 10.6%
Dallas-Fort Worth, TX 12,115 1.6% 6.4%
Denver, CO 6,856 5.1% -4.5%
Detroit, MI 8,420 1.8% -1.6%
Edison, NJ 4,468 -9.6% 2.1%
Fort Lauderdale, FL 4,171 -1.6% 0.9%
Hampton Roads, VA 2,980 -1.9% 9.2%
Houston, TX 11,326 -2.5% 6.1%
Indianapolis, IN 3,776 7.5% 2.4%
Kansas City, MO 4,136 4.8% 1.8%
Las Vegas, NV 4,323 -1.5% -0.3%
Long Island, NY 3,671 -13.2% -3.0%
Los Angeles, CA 8,844 -2.8% -6.2%
Miami, FL 4,354 -1.7% -0.9%
Milwaukee, WI 2,524 1.1% -8.5%
Minneapolis-St. Paul, MN 7,688 -2.9% -2.6%
Nashville, TN 4,185 -2.7% -4.1%
Oakland, CA 3,083 -5.4% -11.4%
Orange County, CA 3,580 -7.4% -12.6%
Orlando, FL 5,139 -0.3% 10.5%
Philadelphia, PA 6,122 -9.3% -1.0%
Phoenix, AZ 9,032 -5.9% 1.9%
Pittsburgh, PA 2,949 -1.3% 2.4%
Portland, OR 5,273 7.7% 2.5%
Riverside-San Bernardino, CA 6,461 -5.6% -7.6%
Sacramento, CA 4,167 1.0% 0.2%
San Antonio, TX 3,765 -2.3% 10.6%
San Diego, CA 4,183 -4.7% -6.9%
San Francisco, CA 1,457 -8.3% -12.6%
San Jose, CA 1,571 -12.5% -9.8%
Seattle, WA 6,438 3.3% 3.1%
St. Louis, MO 5,406 3.1% 1.6%
Tampa, FL 6,538 -1.1% 7.0%
Washington, DC 11,054 -5.8% 4.1%
National 352,500 -2.7% 0.0%

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