As would-be buyers struggled with inventory, many apparently began turning toward condos rather than waiting for that perfect house to hit the market.
According to Redfin, condos in June were selling in a record 22 days, and for above asking price. Nationwide, the typical condo sold for 0.7 percent above its asking price last month.
In dollar terms, the typical condo sold for $304,000 in June. If it sold for 0.7 percent above its asking price, that means it was listed for $301,872—marking the first year condos are selling above asking price rather than below.
The national median sale price for condos rose a record 20.3 percent year-over-year in June to an all-time high of the aforementioned $304,000.
The sales themselves were up significantly as well. In June, condo sales rose 59.7 percent year-over-year, and pending sales were up 38.2 percent year-over-year.