Mortgage

Redfin: Home prices rise 6.5% in April as homes sell at fast clip

Prices skyrocket in San Francisco, only 5 days on market in Denver

Home sales across Redfin markets increased at a rate of 5.4% compared to a year earlier, according to real estate broker Redfin.

Home prices also trended upward. The median sale price rose 6.5% year-over-year to $275,700.

“Strong homebuyer demand is favored sellers, with 21% of homes sold above asking price, an increase of 0.3% compared with last April and the first year-over-year increase in 19 months,” Redfin reports. “Typically, this rate peaks in June, meaning we could see an even more competitive market this year than at the peak of 2013. On average, homes sold in 31 days, two days faster than this time last spring. More than a third of all new listings sold in less than two weeks.”

April was the third month in a row that prices grew above 6%, a sign that demand is putting more upward pressure on prices.

Growth in home prices had eased for much of last year, settling at a steady rate of around 5.5%.

Newly listed homes for sale climbed 10.7%, the third straight month of growth at around 10%, while inventory remained flat year over year.

Some highlights from three select local markets include:

  • Washington, D.C. home prices rose 5% in April from a year ago as limited inventory and continuing competition pushed more buyers to pay above asking price. Sales were up more than 10%.
     
  • Chicago home prices saw their fourth-straight month of double-digit growth in April, with the median sale price rising 10% from a year ago. The number of properties sold fell 4.5%.
     
  • Median property prices leapt to another record in the city of San Francisco last month, rising nearly 26% from a year ago to almost $1.25 million. Half of sold homes had been on the market less than two weeks. For the fourth straight month, the number of new listings exceeded total inventory at month’s end, a highly unusual dynamic that signals difficult times for buyers.

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