Home Prices And Buyer Competition Hit New Highs in June
U.S. home prices rose 7.3 percent to a median sale price of $298,000 in June, according to Redfin, the next-generation real estate brokerage. This is the highest national median sale price Redfin has recorded since the company began keeping track in 2010. Home sales increased 1.9 percent compared to last year, constrained by a long-standing inventory shortage. The number of homes for sale fell 10.7 percent, leaving just 2.5 months of supply—the lowest supply on record since 2010—and well below the six months that represents a market balanced between buyers and sellers.