Monday, June 26, 2017
- The national median home price jumped 6.8% to $288,000 in May while the number of sales rose 7.5% from last year, according to Redfin, despite the supply of for-sale homes being down 10.9% to 2.7 months — the lowest since the listings website started tracking the figure seven years ago.
- For-sale homes moved quickly. The average home went under contract in a record-low 37 days. More than 25% of homes sold garnered more than the list price.
- In addition to the coastal markets, Buffalo, NY, Grand Rapids, MI, and Omaha, NE, also saw price gains. For example, in Omaha, which boasts a strong tech sector, the median sales price rose 9.9% year-over-year to $187,000 in May.
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