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Tight Supply, Strong Demand Push Record-Setting Home Sales Pace … Again

Thursday, June 15, 2017

The competition for housing is heating up along with the summer temperatures and continuing to set new records.

The average house sold in May went under contract in just 37 days, that's the fastest reading since Redfin, a real estate brokerage, began tracking the market seven years ago. The previous record, set in April, was 40 days.

Homes are selling faster than ever because supply is tight and demand is high. The number of listings in May was nearly 11 percent lower than in May 2016, leaving just 2.7 months of supply — another record low in the Redfin report. As a reference point, the...

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