Forbes: Homes Sell at Record Breaking Rate in April

Homes sold the fastest in the Denver, Colorado market.

As the U.S. housing market continues to heat up during the spring and summer months, more homes are being sold. And according to a new report from national realtor Redfin, homes sold faster than ever in April.

The study says that U.S. home prices rose 6.2 percent to a median sale price of $280,000 last month, and that home sales rose 1.2 percent over last year. However, the number of homes for sale fell 13.3 percent, which is the steepest decline in four years. That also marks 19 straight months of annual declines, reflecting the effects of a severe lack in inventory.

“When it comes to the housing market breaking records, I’m beginning to sound like a broken record. 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,” said Nela Richardson, Redfin chief economist, in an interview with Forbes. “The only record this market can’t break is sales. You need more inventory for that!”

The market in which homes sold the fastest was Denver, Colorado, with nearly half of all homes going under contract in just 6 days as opposed to 11 the year before. Seattle, Washington was the next fastest market, followed by Portland, Oregon and Tacoma, Washington.

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