Report names Worcester one of the most competitive housing markets in US

Buying News
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In the most competitive housing market in US history, sales are beginning to stall, but the Worcester market is hot, according to a report Redfin released Thursday.

The most competitive market in June was Oakland, where 85.3 percent of homes sold above list price, followed by 80.1 percent in San Jose, 78.3 percent in Worcester, 76.5 percent in Rochester, N.Y., and 74.3 percent in Denver, according to the report. Boston saw 71.8 percent of its listings go for above asking, while in Providence that number was 68.2 percent.

Related: A rejuvenated Worcester won’t be ignored. Buyers take notice.

Meanwhile, in New Hampshire the hot housing market continues to drive home prices skyward with the median price of a home topping half-a-million dollars for the first time in one county, the Associated Press reported Thursday. The New Hampshire Association of Realtors reported that the median home price in Rockingham County was $509,850 in June. That represented an increase of more than $70,000, or about 23 percent, from a year earlier, the association said. Statewide the median home price was $409,000. Coos County was a relative bargain with a median price of $207,000.

Nationwide, home transactions fell 1.2 percent in June from May, the largest drop for the month in records going back to 2012, according to seasonally adjusted data from Redfin Corp. The inventory reached an all-time low, with buyers scooping up properties in 14 days, the fastest pace ever.

Remote work combined with rock-bottom mortgage rates unleashed a stampede of buyers to the suburbs and affordable cities across the United States. The median home price in June jumped 25 percent from a year earlier to a record $386,888.

“We entered a new phase of the housing market,” Daryl Fairweather, Redfin chief economist, said in a statement. “Prices have increased beyond what many buyers can afford.”

Values rose from a year earlier in all of the 85 metro areas Redfin tracks. Boston saw a 20.1 percent increase in the median sales price, Providence recorded a 21.5 percent rise, and Worcester experienced a 23.3 percent jump. The biggest increase was in Austin, 43 percent, followed by Lake County, Ill., with a 31 percent gain and Phoenix, 30 percent. The smallest price increase was posted in San Francisco, where prices were up only 2.6 percent year over year.

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