The median sale price was $285,700 in February 2018, up 8.8 percent year-over-year, according to Redfin's data. Home sales increased only 0.4 percent last month due to limited supply.
One interesting conclusion drawn from Redfin's data was that no metro studied had price declines in February. San Jose, California had the nation's highest price growth since last year to $1,180,000, up 34.1 percent. Detroit had the second-highest growth of the metros studied, up 19.8 percent year-over-year, and Fresno, California was not far behind with a 19.5 percent home price increase. Tacoma, Washington and New Orleans rounded out the top five with 17.9 and 17.7 percent home price growth, respectively.
Seattle, WA was the fastest market, with half of all homes pending sale in just 8 days, down from 12 days from a year earlier. Denver, CO and San Jose, CA were the next fastest markets with 9 and 10 median days on market, followed by Oakland, CA (13) and San Francisco, CA (14). The most competitive market was San Jose, CA where 83.1 percent of homes sold above list price, followed by 74.4 percent in San Francisco, CA, 67.5 percent in Oakland, CA, 54.8 percent in Seattle, WA, and 44.4 percent in Tacoma, WA.
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