It’s a race against the clock for homebuyers. In its latest home price tracker, Redfin reported a 15% increase in home prices year-over-year in March across 19 major U.S. markets.
San Francisco led the price gains with a 31.7% year-over-year increase, according to Redfin.
Inventory, on the other hand, has dropped 31% from March 2012, remaining flat in February. This likely coincides with the 25% leap in closed sales from February to March.
Phoenix is the only market that did not see a drop in inventory, with inventory up 5.5% year-over-year.
Not so coincidentally, home-selling velocity reached the highest point on record, with 34.8% of homes going under contract within two weeks of their MLS debut, according to Redfin.
The top four quickest-selling markets were all in California. In San Jose, 64% of all listed homes sold within two weeks, while 60% of San Francisco homes did the same.
Los Angeles and Ventura had 52.4% and 52% of their homes sell in 14 days.