The median home price increased 5.3 percent year-over-year in July, according to the real estate brokerage Redfin.
Redfin’s report said the median home price in July was $307,400. The rate of home price growth in July dropped for the fifth consecutive month to its lowest level since September 2016.
Home sales increased 4.1 percent in July compared with one year ago, the report found. The number of homes for sales during July decreased 5.4 percent year-over-year. Homes that sold during July did so in a median 35 days, three days faster than one year ago and one day slower than in June.
Home inventory increased by double digits in in San Jose, Calif. (28 percent); Seattle (27 percent); and Portland, Ore. (21.8 percent). Those markets also had sales declines of 11.9 percent, 6.4 percent and 6.1 percent, respectively.
In Portland, home prices increased 4 percent year-over-year; Seattle home prices increased 8 percent compared, and San Jose home prices grew 19.3 percent.
“The Bay Area, Seattle and Portland have been so competitive for so long that buyers and sellers have adjusted to those conditions and may feel uneasy about the changes we're seeing in the market,” Redfin Senior Economist Taylor Marr said in a release. “After several years of shrinking inventory and unsustainable price growth, I'm encouraged by these changes as a signal that we may be returning to a healthier, more balanced market.”
Grand Rapids, Mich., was the fastest market, with half of all homes pending sale in just 8 days, down from 11 days from a year earlier. Boston, Denver and Seattle were the next fastest markets with 9 median days on market, followed by Indianapolis (10), Redfin found.
The most competitive market in July was San Francisco, where 76.3 percent of homes sold above list price; followed by 71.7 percent in San Jose; 70 percent in Oakland, Calif.; 51.3 percent in Tacoma, Wash.:, and 50.8 percent in Boston.
Two metropolitan areas, Camden, N.J. (-0.9 percent) and Baltimore (-0.5 percent), had price decreases in July.