The national median home sale price in April was 7.6 percent higher than it was one year prior, according to a report from Redfin.
According to the real estate brokerage, the national median home sale price in April was $302,200. Redfin said April 2018 was the first time the national median home price has surpassed the $300,000 mark.
“Despite rising prices and low inventory, sales in 2018 so far are slightly higher than last year, which was the best year on record since the 2006 housing boom,” Redfin Chief Economist Nela Richardson said in a release. “As we enter peak home buying season, new listings will be key in maintaining sales growth and moderating the rapid price increases we’ve seen this year.”
Home sales from January through April were 1.5 percent higher than the same period last year. Redfin said April home sales increased 5.2 percent year-over-year.
During April, the typical home went under contract in 36 days, six days faster than a year earlier and faster than any month Redfin has recorded going back to 2010. Slightly more than 26 percent of homes sold in April were sold above list price, up from 24.9 percent last April. The average sale-to-list price ratio was 98.8 percent, the highest on record.
Redfin said Denver was the fastest market, with half of all homes pending sale in just six days; Seattle was the next fastest market with seven median days on market, followed by San Jose, Calif., Grand Rapids, Mich., and Tacoma, Wash.
Redfin said the most competitive market in April was San Jose, where 84.6 percent of homes sold above list price, followed by 78.6 percent in San Francisco, 74.6 percent in Oakland, 64 percent in Seattle and 50.8 percent in Tacoma.