In January 2018, the share of homes that sold above list price and the sale to list price ratio were both up compared to January 2017, and experts suggest this may signal stronger competition in the spring market.
The highest home price growth in the U.S. was in Memphis, Tennessee, up 24.6 percent from January 2017, beating out hot markets such as San Francisco and San Jose, California with growth at 23.8 and 21.6 percent, respectively. Redfin reports that four metros saw price declines in January 2018 between 1.8 and 2.7 percent. Milwaukee had the greatest price decline, and Baltimore, Maryland had the smallest.
Home prices increased 7.8 percent year over year to a national median sale price of $280,500 in January. Sales were down 7.9 percent annually as the ongoing inventory shortage showed no signs of ending. The number of homes for sale in January dropped by 14.4 percent, the largest year-over-year decline in 28 consecutive months of falling supply. The typical home that sold in January found a buyer six days faster than January 2017.
