May Housing Market Sets Records for Speed and Competition

U.S. home prices rose 6.8 percent to a median sale price of $288,000 in May, according to national realtor Redfin. Home sales increased 7.5 percent over last year, despite a long-standing shortage in the supply of homes. The number of homes for sale fell 10.9 percent, leaving just 2.7 months of supply, the lowest supply Redfin has recorded since we began tracking the market in 2010. Six months is generally considered a market balanced between buyers and sellers.

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Source: Forbes

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