The home buying frenzy may be starting to slow—ever so slightly—but the sales themselves continue to set new records. News out of Redfin shows that not only did the median sale price across the country set a new record last month, but the closing prices hit a new benchmark as well.
In May, the national median home-sale price hit a record high of $377,200—up a record 26 percent year-over-year. Additionally, 54 percent of homes sold above their list price, another record high and up from 26 percent a year ago.
Redfin notes that median sale prices increased in all of the 85 largest metro areas the company tracks. The smallest increase was in San Francisco, where prices were up 2.8 percent from a year ago. The largest increases were in Austin ( up 42 percent), Phoenix (up 33 percent) and Detroit (up 32 percent).
The average sale-to-list ratio, a measure of how close homes are selling to their asking prices, hit a record high of 102.2 percent. According to Redfin analysts, that means the average home sold for 2.2 percent above its asking price.
There were some record lows to account for as well. Per the report, the number of homes for sale last month fell to a record low, down 27 percent year-over-year. Also a record low: it took just 16 days on average to sell a home in the U.S. in May—down from 38 days a year ago.