Home Prices Up 10% Year over Year in November As Inventory Sees its Largest Drop in 2012 in Redfin Real-Time Home Price Tracker Sales Volumes Followed Path Predicted in Redfin's October Real-Time Demand Pulse
SEATTLE, Dec. 21, 2012 /PRNewswire/ -- Technology-powered real estate broker Redfin (www.redfin.com) today released its Real-Time Home Price Tracker for November 2012, showing home prices increasing 10.1 percent year over year with a 2.2 percent month-over-month increase across 19 major U.S. markets. Inventory continued its long decline, falling 30 percent from November 2011—the largest drop so far this year. The report also showed:
Sales volumes dipped as predicted:
- Following the path projected in Redfin's October Real-Time Demand Pulse, sales volumes fell by 14.8% in November but were up 7.8% from 2012 levels.
Home-selling velocity reached a plateau:
- The percentage of listings that sold within 14 days of their debut was flat at 28.2%.
This report is the earliest monthly analysis of home prices, sales and inventory across 19 U.S. markets, published weeks before any other index, based on the local databases used directly by Realtors to list properties and record sales. Click the following link to read the complete Redfin Real-Time Home Price Tracker. http://blog.redfin.com/?p=10329
Market-Specific Highlights and Lowlights:
- Sacramento saw the biggest gains, with home sales up 39 percent from November 2011.
- Long Island's sales volumes took the hardest hit with a 26 percent drop from a year earlier.
- Each of the 19 cities measured saw home prices rise year over year; sixteen saw month-over-month home price increases.
- Phoenix once again led the price gains with a 34 percent year-over-year increase.
- Inventory fell to fewer than 180,000 total listings across the 19 metro areas studied.
- The top seven markets with the largest year-over-year drop in inventory were all in California: Sacramento (-68.2%), Ventura (65.1%), San Francisco (62.1%), San Jose (-62.0%), Los Angeles (-57.4%), Inland Empire (-56.4%) and San Diego (-54.2%).
- The market with the smallest year-over-year drop in inventory was Phoenix with 3.2% fewer homes for sale than last year.
- The top five fastest-selling markets (% of homes selling in two weeks or less) are all in California: San Jose (59.0%), San Francisco (49.5%), Ventura (47.6%), Los Angeles (43.1%), San Diego (40.0%) and Inland Empire (37.3%).
- The slowest-selling market is Boston, with only 4.1% of homes selling in 14 days or less.
About the Real-Time Home Price Tracker
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. Using MLS fields, Redfin is able to distinguish houses from condominiums and townhouses, which often sell for less money. To validate the accuracy of the data and to account for sales not handled by a real estate agent, Redfin compares MLS data with county records as they become available, using sophisticated algorithms to identify and resolve disparities about square footage or price for each address. Data at the local and neighborhood level are available in a spreadsheet, and the report methodology is available as an Adobe document.
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's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 19 U.S. markets, and has closed more than $5 billion in home sales. Follow us on blog.redfin.com or @redfin.