Sales hit record low in late spring

A sold sign sits outside a house in Brighton, NY The coronavirus pandemic has helped shape the housing market by influencing everything from the direction of mortgage rates to the inventory of homes on the market to the types of homes in demand and at the desired locations. (AP Photo / Ted Shaffrey, file)

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.

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