Market Update for June

Redfin’s newest data has stated home prices in June increased 7.1% to a median sale price of $298,000. Redfin began tracking home prices back in 2010, and last month and June was the highest jump they’ve ever recorded. Another interesting stat is that 26.6% of homes listed sold above their list price, which is another record for Redfin. 

June saw home prices rise by 1.9% since last June, all while the total amount of inventory fell 10.7%. The average home that went to market in June only lasted an average of 36 days. This also happens to be another record for Redfin, as these homes sold one day earlier than the previous month. Some homes around the country in the hotter markets only lasted a week. 

Some of these markets are unseen before this point. Records are being set almost every month, prices are soaring, demand is still booming all while supply isn’t making any gains. In order to survive in these markets, one must know what they’re doing and do whatever it takes to buy that house fast. The better offers are the ones that usually win in these instances.

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