51% of homes sold above listing price in May

51% of homes sold above listing price in May

According to Redfin’s latest market report, 51% of homes sold above listing price in May. (26% last year)

Across the U.S. the median homes sales were $354,250 and median home asking prices were $361,875 (statistics from Redfin). Buyers, on average, offered 1.9% above the asking price, the average days on market were 17 days (a record low) and almost 60% of homes went under contract within two weeks.

Redfin’s Chief Economist, Daryl Fairweather, said, “Current trends won’t reverse until mortgage rates rise later this year, which should temper buyer demand. We are seeing a typical late spring slowdown in mew listings and pending sales. However, prices don’t typically peak until late August and their growth remains completely unhinged.

Fairweather continues, ‘The fact that homes keep selling for more and more above asking prices goes to show that many more people want a home than there are homes for sale,”

 

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