A home typically went under contract in 40 days last month, 10 days faster than a year earlier, according to a recent report from Redfin. That makes April the fastest month on record since Redfin began tracking the market in 2010.
Approximately one in five homes sold in April went under contract within two weeks of their debut. Approximately one in four sold above their list price, which is the highest percentage Redfin has recorded.
U.S. home sale prices rose 6.2 percent to a median of $280,000 in April, according to Redfin. Home sales inched up 1.2 percent over last year, constrained by a shortage in the supply of homes. The number of homes for sale fell 13.3 percent, the steepest decline in four years, marking 19 straight months of annual declines.
“When it comes to the housing market breaking records, I’m beginning to sound like a broken record,” Nela Richardson, Redfin chief economist, said in a statement. “The market tends to accelerate through June so I wouldn’t be surprised if new records for speed and competition are reached in May and June given what we are seeing now. The only record this market can’t break is sales. You need more inventory for that.”