The median listing price for homes nationwide reached an all-time record in June. 

List prices soared to a median of $299,000 this month, as a shortage of homes for sale and high buyer demand continued to push asking prices higher.

“Limited options, fast-selling properties, and escalating home prices have been a persistent challenge for would-be buyers,” in its June 2018 monthly housing trend report.

On average, homes sold in 54 days in June. Inventories increased 4 percent month over month, which is a typical seasonal increase, the report notes. On an annual basis, however, inventory is 4 percent lower.

Of the 100 largest markets, the following six saw listings spend 30 days or less on the market on average:

  • San Jose-Sunnyvale-Santa Clara, Calif.: 23 days on market
  • Seattle-Tacoma-Bellevue, Wash.: 24 days on market
  • San Francisco-Oakland-Hayward, Calif.: 25 days on market
  • Omaha-Council Bluffs, Neb.: 26 days on market
  • Salt Lake City, Utah: 26 days on market
  • Colorado Springs, Colo.: 30 days on market

“The pace of sales in the early days of summer continues to be as fierce and unforgiving as it's ever been, especially for entry-level buyers.”

On the bright side, buyers saw more new listings hit the market than they saw last June, causing inventory to at a slower rate.

However, much of the new inventory is composed of higher-priced, newer and larger homes, forcing a very hungry pool of buyers to adjust their budgets.”

Ready to Sell or Buy now is the Time, We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866. 

 

#RealEstateForSale #Homeownership #UtahRealEstate #VisitSaltLakeCity