Monday, June 26, 2017

May Housing Market Set New Records for Low Supply, Speed and Competition

In May, more than a quarter of homes sold for more than their asking price; the typical home found a buyer in 37 days.  The median home sale price increased 6.8 percent to $288,000. Sales increased 7.5 percent compared to last year, a strong gain despite a severe shortage in the number of homes for sale.The typical home went under contract in 37 days, setting a new record for home-selling speeds. More than a quarter (25.9%) of homes sold above their list price, the highest percentage Redfin has recorded. The median sale-to-list price ratio set yet another record, hitting 95.4 percent in May.

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