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May housing market sets new records for low supply

Posted by   /  June 17, 2017  /  No Comments

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Builder Magazine

Home sales were up in May according to Redfin’s Alina Ptaszynski. The median home sale price increased 6.8% in May to $288,000. Sales increased 7.5% compared to last year, a strong gain despite a severe shortage in the number of homes for sale.

Inventory was low in May. The number of homes for sale fell 10.9%, marking 20 straight months of year-over-year declines, though the number of homes newly listed for sale in May increased 3%.

May also saw the lowest month supply with 2.7 months, the lowest Redfin has recorded since we began tracking the market in 2010. For reference, six months of supply represents a market balanced between buyers and sellers.

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  • Published: 6 months ago on June 17, 2017
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  • Last Modified: June 17, 2017 @ 2:21 pm
  • Filed Under: Real Estate

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