Home Prices Mark Fifth Consecutive Month of Declines in November, Still Up 12.6 Percent Year over Year in Latest Redfin Report

SEATTLE, Dec. 12, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its Real-Time Home Price Tracker, based on November 2013 home prices, sales volume and inventory across 19 major U.S. markets.

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Home sales in November saw a surprisingly steep drop, down 16.8 percent from October and falling 10.9 percent year over year. This is the first time in 2013 home sales have dipped below 2012 levels. The main factor contributing to this decline was low inventory, which fell 8.2 percent from last month and 10.5 percent year over year. Home prices continued to show yearly gains, up 12.6 percent from November 2012. However, this was the smallest year-over-year price increase so far in 2013. Month over month, home prices remained relatively flat, falling just 0.5 percent from October.

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/2013/home-prices-november-2013.html

Market-Specific Highlights and Lowlights:

Home Prices

• All 19 cities measured saw home prices increase year over year; eight saw month-over-month increases.
• Las Vegas led the price gains with a 25.9% year-over-year increase. Philadelphia had the smallest gains, with prices up 1.4% from last November.

Sales Volume

• Long Island had the largest increase in home sales, up 28.5% from November 2012.
• Sacramento's sales volumes had the sharpest decline, down 26.1% from a year earlier.

Inventory

• Inventory came in at 226,129 total listings across the 19 metro areas studied.
• San Jose had the largest monthly drop, with homes for sale down 25.9%. Phoenix was the only market with a monthly increase, up 4.5%.

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.

About Redfin

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 22 U.S. markets, and has closed more than $10 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on blog.redfin.com, on Twitter @Redfin, and Facebook.com/Redfin.

SOURCE Redfin