According to Redfin, the median home sale price rose 6.2 percent to $280,000 in April, making it five straight years of annual growth.
Last month was the fastest April on record. The average home was sold in 40 days, which is 10 days faster than a year ago; 22.2 percent of homes were under contract within two weeks of being put on the market.
The number of homes for sale declined 13.3 percent, which contributed to the price jump. Nearly one in four homes (24.7 percent) sold above list price.
“The market tends to accelerate through June so I wouldn’t be surprised if new records for speed and competition are reached in May and June given what we are seeing now,” said Nela Richardson, Redfin chief economist. “The only record this market can’t break is sales. You need more inventory for that!”
The four fastest markets in April were Denver (half of homes were under contract in six days), Seattle, Portland, and Tacoma, Wash. The most competitive markets were San Jose (75 percent of homes sold above list price), San Francisco, Oakland, and Seattle. Milwaukee had the highest price growth.