Skimpy Listings Juicing Prices but Plaguing Sales -Redfin

By Jann Swanson

Posted To: MND NewsWire

Redfin, the Seattle-based real estate company, says that the drought in listings that has affected the inventory of homes for sale marked its 21 st month in June. This is driving prices up and marketing time down , with each setting new records during the month. The typical home found a buyer in 36 days, a day less than the record set in May. More than a quarter, of homes that sold, 26.6 percent, did so above their list price, driving the average sale-to-list price ratio to a record high of 95.5 percent. Redfin’s estimate of annual home prices increases is in line with that of other companies that track them; a 7.3 percent gain from the previous June, to a median of $298,000. This is the highest since the company began tracking it in 2010. Their estimate of the month-over-month gain was wildly…(read more)

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