December Home Prices up Slightly After Five Consecutive Months of Decline
Inventory Drop of 14.2 Percent and 5 Percent Sales Increase Drove Unusually Strong December Prices
SEATTLE, Jan. 16, 2014 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its Real-Time Home Price Tracker, based on December 2013 home prices, sales volume and inventory across 19 major U.S. markets.
The housing market became an even more frustrating place for homebuyers as December brought a 14.2 percent month-over-month decline in the total number of homes for sale. December also marked the steepest drop in new listings since at least 2008, declining 27 percent from November to December. At the same time, sales rose 5 percent month over month. The increasing lack of inventory, combined with rising sales, caused an unseasonable boost in December prices, which were up 0.8 percent month over month and up 13.1 percent year over year.
This report is the earliest monthly analysis of primary housing-market metrics, and is based on local databases used by Realtors to list properties and record sales. Click the following link to read the complete Redfin Real-Time Home Price Tracker: http://www.redfin.com/research/reports/real-time-price-tracker/2014/price-tracker-december-2013.html
Market-Specific Highlights and Lowlights:
- All 19 cities measured saw home prices increase year over year; 13 cities saw month-over-month price increases.
- Chicago (4.4%), Riverside, Calif. (3.9%), and Boston (3.6%) posted the largest month-over-month gains.
- The markets with the largest month-over-month increase in sales were Washington, D.C. (15.5%), Phoenix (13.9%) and Ventura, Calif. (10.4%).
- San Francisco's sales volume had the sharpest month-over-month decline, dropping 8.1%.
- Inventory came in at 199,220 total listings across the 19 metro areas studied.
- All 19 cities measured saw month-over-month declines in homes for sale.
- Denver had the sharpest monthly drop, with homes for sale down 37.7%, followed by San Jose (35.6%) and San Francisco (34.6%).
About the Real-Time Home Price Tracker
Redfin's monthly report on home prices, inventory levels and sales volume is an up-to-date, accurate portrait of the U.S. real estate market, published before other market reports. As a broker with access to dozens of Multiple Listing Services (MLSs) used by real estate agents to list properties and record sales, Redfin gets data within minutes of a sale, pending sale or listing activation, well before any government, media or analytics organization. Full data may be downloaded in a spreadsheet.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.
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