Redfin Housing Market Tracker Report Home Prices Increased 43 Percent In May

Dated: 06/24/2016

Views: 400

Seattle-based Redfin Housing Market Tracker reported this past week that home prices across the U.S grew a moderate 4.3%, year over year for the month of May, and also reported that home sales were up 7%, with inventory of homes on the market falling nearly 7%. Redfin credits new technologies in advertising homes for sale, showing buyers details about the home to aid in making an educated decision, for the pace of pick up in sales, noting buyers can make more immediate buying decisions on potential homes as quickly as they hit the market nationwide. The market tracker reported nearly a third of the markets Redfin tracks reported double digit growth, with the leaders being Midwest and Southern markets. 

Three year lows in 30-year mortgage rates also influenced spring buyers in 2016, reaching 3.6%. 

In the largest decline in homes inventory in three years, the Market Tracker shows on average, the overall home inventory decreased for the 8th consecutive month in May 2016, showing a fall of 6.6% as shown in the Redfin graphic below:
Image title

Are you curious about inventory and buying/selling activity in the TriCities? Wes Shields and the Shields Team of Keller Williams Realty closely monitor activity, and can advise you of what's available, and when the best time to list or buy your home will be in the current market. Call Wes or any of our qualified agents at the Shields Team to schedule a consultation! (423) 433-6517, or come by our office at Keller Williams Realty, 1033 Hamilton Place in Johnson City. We're ready, are you?

Click here to see the average home price in Washington County TN.

Click here to see the average home price in Sullivan County TN.

Blog author image

Wes Shields

Wes Shields, Team Owner and Listing Agent for The Shields Team at Keller Williams Realty of Johnson City Tennessee, has a long and very impressive list of accomplishments in his 10+ years in the real ....

Want to Advertise on this Site?

Latest Blog Posts

Is That Really A Bedroom

It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom

Read More

Avoiding The ICK

Maybe you've seen The Property Brothers on HGTV. Actually, we should say we know you've seen. Drew and Jonathan Scott have one the hearts of millions of viewers in the HGTV television series, The

Read More

What Happen To Your Credit Score When You Buy A Home

You've become obsessed with your credit score, guarding it carefully, and keeping a close eye on it to have everything in order when you apply for a home loan. That score will will not only affect

Read More

Reasons To Buy A Home At The Holidays

It seems home buying is the last thing on our minds at this time of year, and especially this year, being an election year, and of course we're officially full speed into Thanksgiving and Christmas

Read More