Last month the national median sales price remained a flat $293,000 from July, but the 7.7 percent year-over-year price gain was the largest increase since May 2015.
Redfin reports that prices are up and inventory is down. Sales in August decreased 5.5 percent and the number of homes for sale dipped 12 percent from last year.
Roughly 25 percent of homes sold above asking price last month, and the average home sold in August went under contract in 39 days.
Seattle is the nation’s fastest market (half of homes go under contract in just eight days) and had the highest price growth, rising 16 percent from last year to a median price of $522,000.
Inventory is down the most in the Bay Area. San Jose had 50 percent fewer listings than last August, and Oakland and San Francisco were also down more than 30 percent.
“The real estate market still favors sellers, with strong demand and rising prices, but perhaps less so now than earlier in the year,” said Redfin CEO Glenn Kelman.
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