CoreLogic reports that the number of homes selling at or above the list price [1] in June fell to 39.2%—10% higher than the average since 2000.
The report states the San Francisco had the highest share of homes selling for at least their list price at 83%. Seattle, Washington, and Minnesapolis, Minnesota, had 74% and 62% of homes selling for their listing price or more, respectively.
Fewer than 5% of homes sold for their list price in San Francisco, and fewer than 20% of homes in the Bay Area sold for less than the list price. More than 80% of homes in Miami, Florida, sold for less than the listing price.
Just 19-percent of homes sold at or above the list price in Miami for the month—the lowest rate in the nation.
San Francisco, however, also had the lowest supply of homes in June at 1.7 months. Miami led the nation at 7.7 months of supply in June.
CoreLogic also studied how decrease in supply impacts price pressure in more than 200 metropolitan areas in June. The study found that homebuyers in San Francisco paid 11% more than the asking price due to a falling supply of homes. Miami, though, sw average discounts of 6.6% due to the nation’s highest supply rate.
CoreLogic released a study earlier in August that revealed the number of homes for sale in June equated to a 3.3-month supply [2], which is an annual increase from 2.8 months last year.
When broken out by price tier, the lowest-priced homes had a 3.5-month supply in June, which rose three months from last year, but just one-third of its peak in January 2008. The low-to-middle-price tier saw an annual increase of 2.2 months in June.
Moderately-priced homes had a 2.8-month supply, which is a marginal increase from the 2.3-month supply last year. High-priced homes had the largest supply, 3.9 months, and is only a 0.6 month increase from June 2018.