Sales hit record low in late spring
ST. LOUIS (KTVI) – The housing market frenzy may have peaked for the year even as homes sold at their fastest pace and at record prices, according to experts at RedFin, a brokerage firm technology-driven real estate.
Nationwide data shows seasonally adjusted home sales fell 1.2% from May to June, the largest decline on record until at least 2012 for this time of year. At Redfin’s 85 largest metropolitan areas, median selling prices are up from a year ago.
The largest increase was recorded in Austin, Texas, up 43%. There, a typical three-bedroom, two-bathroom suburban home sold for about $ 485,000 last month, up from about $ 340,000 at the same time last year.
Lake County, Illinois (up 31%) and Phoenix (up 30%) saw the next biggest price hikes. The smallest price increase was recorded in San Francisco, where prices were up 2.6% from a year ago. Measures of market speed and competition appear to be reaching or approaching highs across the country.
“In June, we entered a new phase of the housing market,” Redfin chief economist Daryl Fairweather said in a press release. “Home sales are starting to slow because prices have risen beyond what many buyers can afford. This summer, I expect home prices to stabilize as more homeowners list their homes, realizing that they likely won’t get a higher price if they wait longer. to sell.
The number of homes for sale fell to a record high nationwide, down 28% from the same period last year. In addition, homes nationwide sold in just 14 days on average, a record, and 56% of homes sold above the list price, a record. The national median home selling price rose 25% year-over-year to an all-time high of $ 386,888, although it was down from the record 26% recorded in May.