For sellers, the new motto should be “Ask and you shall receive… more than you originally intended.”
Redfin reports that 26.6 percent of homes sold above their list price in June, and that the median sales price increased 7.3 percent from a year ago to $298,000, both new records.
While total sales increased only 1.9 percent year-over-year in June to 308,800, homes went under contract in 36 days, the fastest pace recorded.
“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs.”
The number of homes for sale dropped 10.7 percent, the seventh consecutive month with double-digit declines on an annual basis.