Redfin: Home Sales and Prices Up in July – NMP Skip to main content

Redfin: Home Sales and Prices Up in July

Phil Hall
Aug 17, 2018
Home prices during September increased nationally by 3.5 percent from one year earlier and were also up by 0.4 percent from August

Home sale prices during July recorded a 5.3 percent annualized increase to a median of $307,400, according to data from Redfin. However, this represented the lowest growth rate level in nearly two years. Meanwhile, homes sales rose by 4.1 percent year-over-year, despite lingering inventory shortages.
 
The number of homes for sale in July was down 5.4 percent from one year ago, which marks the third month of supply declines around five percent following 19 months of inventory declines of over seven percent. Homes that sold in July went under contract in a median 35 days, three days faster than last year but one day slower than in June.
 
For the first time since March 2015, the share of homes that sold above asking price declined year-over-year, from 26.5 in July 2017 to 26.2 percent last month. Twenty-eight percent of homes on the market in July saw a drop in their price, drop, the largest share on record since Redfin began tracking this metric in 2009, and a 3.2 percentage-point increase over last July.
 
“After several years of shrinking inventory and unsustainable price growth, I'm encouraged by these changes as a signal that we may be returning to a healthier, more balanced market,” said Taylor Marr, Redfin Senior Economist.
Home sale prices during July recorded a 5.3 percent annualized increase to a median of $307,400, according to data from Redfin

 
Published
Aug 17, 2018
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022
Impac Mortgage Slashes Staffing Levels By 48%

From 330 in 4Q 2021, headcount now stands at 170 for California lender

Non-QM
Aug 15, 2022