SEATTLE--(BUSINESS WIRE)--The supply of homes for sale remained very low at the end of July at just 2.9 months, according to Redfin (www.redfin.com), the next-generation real estate brokerage. Home sales remained strong with an increase of 13.4 percent over last July, and price growth jumped to 5.8 percent year over year, up from 4.6 percent in June. New listings were up 8.1 percent.
While the market overall in July did not differ greatly from June, a small month-over-month drop in new listings (-2.3%), sales (-2.2%), and an increase in median days on market (+2) signal the start of a cooling housing market. We expect a normal seasonal transition away from the peak of buying and selling activity seen in June and July, and a gradual easing of competition heading into fall and winter.
Local Market Insights in July
- Denver saw a 6.8% year-over-year increase in the number of homes for sale, the first growth since October 2010. However, Denver was still the fastest market in July, with half of all homes selling in six days or less.
- The median sale price in the Washington, D.C. area fell 0.3%, the metro’s first price drop since February 2011.
- Nashville home sales growth continued to be strong, up 17.6% year over year, fueled in part by a boom in new condominiums and townhomes. Sales of single-family residences were up 1.1% over last July, while sales of multifamily units exploded by 166.3%.
- Price growth in San Francisco and San Jose outpaced every other metro area. The median sale price in San Francisco was $1.05 million, up 18.6% over last year. In San Jose, the median sale price was up 14.1% to $855,000. Prices were flat vs. June.
Redfin also took an in-depth look at home prices, inventory and sales across neighborhoods for three cities: Chicago, San Francisco, and Washington, D.C. To read the full reports, complete with data, charts and insights from Redfin agents, please visit the following link: https://www.redfin.com/research/reports/real-time-housing-market-tracker/2015/home-sales-up-in-july-as-supply-hovers-near-record-lows.html
Connect with Redfin
Redfin (www.redfin.com) is a next-generation real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don’t pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World’s Most Valuable Private Tech Companies by Business Insider.