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Home Supply Down, Competition Up

Demand continues to outpace supply, driving prices up 7.7%, Sales up 6.7%

The housing market is going to get more competitive in 2016.

Home sales grew 6.7 percent in January from last year, while depleted inventory pushed the median sale price up 7.7 percent to $255,300.  Total inventory fell by 5.6 percent, while the number of new listings inched up 0.5 percent year over year.

Half of all homes went under contract in 46 days or less, eight days faster than a year ago, and 16.6 percent of homes (about one in six) sold above asking price, up 1.4 percentage points from last year.

Read the full report over at Redfin.com.

2016 is Staged for More Competition as Supply of Homes Dwindles

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