Home Prices up 3.4 Percent in June as Supply Flattens

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Redfin: Home Prices up 3.4 Percent in June as Supply Flattens

The typical home sold in June went under contract in just 35 days, matching last year’s record-fast pace, as falling mortgage rates lured more buyers to the market.

U.S. home-sale prices rose for the third consecutive month in June, growing 3.4 percent year over year to a median of $321,200 across the metros Redfin tracks. The growth rate of home prices was on par with the May rate and was down from a 5.5 percent year-over-year gain in June 2018.

Only six of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which was once again in San Jose, where home prices were down 4.9 percent from a year earlier. Oxnard, CA (-4.8%), Oakland, CA (-2.0%), Seattle, WA (-0.5%), Lake County, IL (-0.1%) and Los Angeles, CA (-0.1%) rounded out the list of metro areas with price drops.

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On the other end of the spectrum, many of the markets that were the hottest last year saw an increase in days on market for June compared to a year ago:

  • San Jose, CA: 26 days on market, up 14 days year over year
  • Denver, CO: 12 days on market, up 5 days year over year
  • Portland, OR: 16 days on market, up 4 days year over year
  • Seattle, WA 11 days on market, up 4 days year over year
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This should help… IMO. We will find out by how much.

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These DOMs are still very low. Buyers market is 6 months not 30 days.

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