SEATTLE--(BUSINESS WIRE)--Home sales across Redfin markets increased at a rate of 5.4 percent compared to a year earlier, according to Redfin (www.redfin.com), the next-generation real estate broker. Home prices also trended upward. The median sale price rose 6.5 percent year-over-year to $275,700.
April was the third month in a row that prices grew above 6 percent, a sign that demand is putting more upward pressure on prices. Growth in home prices had eased for much of last year, settling at a steady rate of around 5.5 percent. Newly listed homes for sale climbed 10.7 percent, the third straight month of growth at around 10 percent, while inventory remained flat year over year.
Strong homebuyer demand is favoring sellers, with 21 percent of homes sold above asking price, an increase of 0.3 percent compared with last April and the first year-over-year increase in 19 months. Typically, this rate peaks in June, meaning we could see an even more competitive market this year than at the peak of 2013. On average, homes sold in 31 days, two days faster than this time last spring. More than a third of all new listings sold in less than two weeks.
Local Market Insights
Redfin also took an in-depth look at home prices, inventory and sales across neighborhoods for three cities: San Francisco, Washington, D.C. and Chicago.
- Washington, D.C. home prices rose 5 percent in April from a year ago as limited inventory and continuing competition pushed more buyers to pay above asking price. Sales were up more than 10 percent.
- Chicago home prices saw their fourth-straight month of double-digit growth in April, with the median sale price rising 10 percent from a year ago. The number of properties sold fell 4.5 percent.
- Median property prices leapt to another record in the city of San Francisco last month, rising nearly 26 percent from a year ago to almost $1.25 million. Half of sold homes had been on the market less than two weeks. For the fourth straight month, the number of new listings exceeded total inventory at month’s end, a highly unusual dynamic that signals difficult times for buyers.
To read the full reports, complete with data, charts and insights from Redfin agents, please visit: https://www.redfin.com/research/reports/real-time-housing-market-tracker/2015/prices-jump-6-5-in-april-as-homes-sell-at-record-speeds.html
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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.