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Going Into the Coronavirus Crisis, the U.S. Housing Market Was Stronger Than Ever

Home prices rose 7% in February from a year earlier, their largest gain in nearly two years, as the supply of homes for sale fell 8%.During the month prior to the U.S. coronavirus crisis, U.S. home-sale prices increased 6.6% year over year. In February, the nationwide home price median rose …

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Home Prices Rose 7% in January, Housing Supply Fell 11%

Imbalance between demand from homebuyers and supply of homes for sale is heating up many markets across the U.S.

U.S. home-sale prices increased 6.7% year over year in January to a median of $306,400 across the 217 metros Redfin tracks. Home prices were also up 0.7% month over month on a seasonally-adjusted basis.

The most affordable metro areas continued to experience the biggest gains in home prices in January. Among the 20 metro areas with the largest year-over-year price increases, 18 had prices below the national median, led in January by Memphis (median price $182,900, up 17.1%), Dayton, OH ($132,000, +14.8%) and Rochester, NY ($148,500, +13.3%).

That said, low inventory is causing a crunch in many markets across the country, even the expensive coastal cities.

“Every home is getting multiple offers, often going for substantially above the asking price,” said San Fernando Valley Redfin agent Robert Iles. “One offer I recently submitted for a client faced competition from 23 other offers, and that was when the seller’s counteroffer included the term requiring our offer to be no less than $100,000 above the list price.”

“Buyers are getting pretty upset about the lack of inventory,” said Seattle Redfin agent Pauline Corbett. “There’s a growing sense of desperation as bidding wars stretch out their home searches.”

Of the 85 largest metro areas Redfin tracks, only three saw a year-over-year decline in the median sale price: San Jose (-4.3%), Baton Rouge (-4.1%) and Greenville, SC (-1.4%).

Year-Over-Year Home Price Gains Remained at 20-Month High in January

Market Summary January 2020 Month-Over-Month Year-Over-Year
Median sale price $306,400 -1.7% 6.7%
Homes sold, seasonally-adjusted 277,500 -1.1% 6.7%
New listings, seasonally-adjusted 311,400 -0.4% -4.5%
Active listings during the month, seasonally-adjusted 1,061,700 -1.6% -11.4%
Median days on market 56 6 -2
Months of supply 3.5 1 -1
Sold above list 18.7% -1.0 pts 1.0 pts
Median Off-Market Redfin Estimate $297,100 4.7% 3.0%
Average Sale-to-list 97.7% -0.2 pts 0.3 pts

† – “pts” = percentage point change

Nationwide, home sales increased 6.7% year over year in January, the sixth consecutive month of increases, but were down 1.1% from December on a seasonally-adjusted basis.

“Typically, we don’t see this many buyers in January, but with mortgage rates at a 3-year low, there are plenty of early-birds hoping to secure a home and lock in an affordable mortgage payment,” said Redfin chief economist Daryl Fairweather. “Home sellers, on the other hand, see that the market is clearly heating up and have no reason to rush to list their homes or to make price cuts in order to secure a sale. Back in December, it wasn’t clear if demand would pick up in the new year, so some sellers were willing to accept lower prices, which borrowed some demand from January and resulted in the slight dip in sales we’re seeing now.”

The markets with the biggest increases in home sales from a year ago were North Port, FL (29.9%), Las Vegas (23.8%) and Anaheim, CA (23.2%).

Home Sales Growth Slowed Slightly in January

This month we’re introducing a new measure of housing supply called “active listings,” which is a count of all homes that were for sale at any time during the month. This is opposed to “inventory” which is a count of only the homes for sale on the last day of the month.

The active listings of homes for sale during January fell 11.4% year over year, the biggest decline since March 2013 and the sixth straight month of declines. There were fewer homes for sale last month than any time since January 2013. None of the 85 largest metros tracked by Redfin posted a year-over-year increase in the count of seasonally-adjusted active listings of homes for sale.

Compared to a year ago, the biggest declines in active housing supply in January were in Salt Lake City (-49.5%), Allentown, PA (-33.1%) and Kansas City, MO (-28.9%).

Active Listings Fell 11% Year Over Year in January

The number of new listings also fell in January, down 4.5% from a year earlier.

Change in New Listings Fell to an 8-Year Low in January

Seasonally-adjusted new listings in December fell the most from a year earlier in Salt Lake City (-39.8%), followed by Allentown, PA (-30.8%) and St. Louis, MO (-27.8%).

Homes sold in January spent two fewer days on market compared to the prior year. In January, the typical home went under contract in 56 days, compared to 58 days in January 2019.

The share of homes that sold above list price increased 1.1 percentage point year over year, coming in at 18.7% in January compared to 17.6% a year earlier.

Homes Sold Sold 2 Days Faster in January Than a Year Prior

Share of Homes Sold Above List Price Rose Slightly Year Over Year in January


Other January Highlights

Competition

Prices

Sales

  • North Port, FL led the nation in year-over-year sales growth, up 29.9%, followed by Las Vegas, up 23.8%. Anaheim, CA rounded out the top three with sales up 23.2% from a year ago.
  • Allentown, PA saw the largest decline in sales since last year, falling 9.2%. Home sales in Rochester, NY and Detroit declined by 8.0% and 7.5%, respectively.

Active Listings

  • Zero metro areas had growth in the number of homes for sale compared with last January.
  • Salt Lake City had the largest decrease in overall inventory, falling 49.5% since last January. Allentown, PA (-33.1%), Kansas City, MO (-28.9%), and Greensboro, NC (-25.8%) also saw far fewer homes available on the market than a year ago.

Redfin Estimate

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750,000 or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Albany, NY $205,000 -4.7% 2.5%
Allentown, PA $190,000 -7.5% 2.7%
Anaheim, CA $745,000 3.5% 8.2%
Atlanta, GA $240,700 -3.7% 4.2%
Austin, TX $310,000 -3.8% 5.1%
Bakersfield, CA $240,000 -4.0% 3.9%
Baltimore, MD $259,000 -7.4% 4.4%
Baton Rouge, LA $196,500 -8.6% -4.1%
Birmingham, AL $205,500 -2.1% 11.1%
Boston, MA $505,000 1.0% 7.4%
Bridgeport, CT $385,000 -1.3% 8.5%
Buffalo, NY $155,000 -3.1% 9.8%
Camden, NJ $187,500 -3.4% 10.4%
Charlotte, NC $255,000 -4.1% 9.9%
Chicago, IL $235,000 -2.1% 4.4%
Cincinnati, OH $180,000 -3.7% 12.1%
Cleveland, OH $146,500 1.0% 8.1%
Columbus, OH $204,100 -2.8% 9.7%
Dallas, TX $285,000 -5.0% 7.5%
Dayton, OH $132,000 -2.1% 14.8%
Denver, CO $415,000 0.7% 5.1%
Detroit, MI $127,500 -5.6% 6.3%
El Paso, TX $162,000 -4.1% 8.0%
Elgin, IL $225,000 4.7% 7.7%
Fort Lauderdale, FL $278,000 -0.7% 11.2%
Fort Worth, TX $245,000 -1.2% 8.9%
Frederick, MD $400,000 -2.4% 8.1%
Fresno, CA $283,500 3.1% 8.0%
Grand Rapids, MI $201,000 -2.0% 5.2%
Greensboro, NC $175,900 0.5% 9.9%
Greenville, SC $205,000 -2.4% -1.4%
Hartford, CT $220,000 0.0% 10.0%
Houston, TX $235,000 -7.3% 4.9%
Indianapolis, IN $179,000 -6.8% 7.2%
Jacksonville, FL $233,000 -1.7% 11.0%
Kansas City, MO $215,000 -3.2% 2.4%
Knoxville, TN $207,600 -5.4% 7.6%
Lake County, IL $218,500 -2.5% 8.3%
Las Vegas, NV $285,000 -3.1% 1.8%
Los Angeles, CA $635,000 -2.3% 7.6%
Louisville, KY $185,000 -6.4% 1.4%
McAllen, TX $160,500 -0.7% 4.2%
Memphis, TN $182,900 -3.6% 17.1%
Miami, FL $310,000 -1.6% 7.3%
Milwaukee, WI $210,000 -2.5% 11.7%
Minneapolis, MN $271,000 -3.2% 4.2%
Montgomery County, PA $325,000 3.2% 8.3%
Nashville, TN $295,000 -5.5% 4.1%
Nassau County, NY $460,000 -1.1% 5.7%
New Brunswick, NJ $320,000 0.8% 3.5%
New Haven, CT $201,200 -6.0% 11.2%
New Orleans, LA $228,000 -0.9% 8.6%
New York, NY $500,000 1.0% 5.3%
Newark, NJ $361,000 -1.6% 12.8%
North Port, FL $285,000 0.0% 4.8%
Oakland, CA $685,000 -5.5% 3.8%
Oklahoma City, OK $176,000 -4.9% 6.3%
Omaha, NE $195,000 -3.9% 0.7%
Orlando, FL $260,000 -2.8% 7.4%
Oxnard, CA $630,000 4.1% 8.6%
Philadelphia, PA $210,000 0.0% 12.6%
Phoenix, AZ $293,000 0.3% 9.9%
Pittsburgh, PA $160,000 -5.8% 9.2%
Portland, OR $405,000 1.2% 6.0%
Providence, RI $295,000 2.1% 11.7%
Raleigh, NC $289,900 0.0% 3.5%
Richmond, VA $252,000 -4.9% 5.2%
Riverside, CA $385,000 1.3% 7.6%
Rochester, NY $148,500 0.0% 13.3%
Sacramento, CA $401,500 -2.5% 7.1%
Salt Lake City, UT $348,000 0.1% 8.7%
San Antonio, TX $225,000 -4.3% 4.2%
San Diego, CA $600,000 3.4% 8.1%
San Francisco, CA $1,300,000 -1.2% 5.5%
San Jose, CA $985,500 -7.0% -4.3%
Seattle, WA $550,000 -3.5% 5.8%
St. Louis, MO $178,000 -3.8% 2.9%
Tacoma, WA $380,000 1.3% 11.8%
Tampa, FL $237,000 -3.3% 7.7%
Tucson, AZ $229,000 -3.4% 6.5%
Tulsa, OK $175,000 -2.1% 10.8%
Honolulu, HI $595,700 -3.1% 0.1%
Virginia Beach, VA $230,000 -4.0% 7.1%
Warren, MI $208,800 -0.6% 11.1%
Washington, D.C. $399,000 -4.2% 3.6%
West Palm Beach, FL $285,000 -1.7% 7.5%
Worcester, MA $275,000 -2.5% 10.3%
National $306,400 -1.7% 6.7%

Homes Sold

Redfin Metro Homes Sold, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 821 -2.0% -2.8%
Allentown, PA 865 -5.0% -3.5%
Anaheim, CA 2,524 -4.5% 23.2%
Atlanta, GA 9,243 -1.1% 3.4%
Austin, TX 2,995 -3.2% 3.5%
Bakersfield, CA 733 -2.0% 1.7%
Baltimore, MD 3,767 1.6% 11.7%
Baton Rouge, LA 912 3.8% 20.8%
Boston, MA 4,282 -4.2% 8.7%
Bridgeport, CT 1,025 -5.0% 13.3%
Buffalo, NY 1,011 -2.9% 2.9%
Camden, NJ 1,645 -0.7% -1.7%
Charlotte, NC 3,746 -3.9% 8.6%
Chicago, IL 7,981 -1.5% 6.3%
Cincinnati, OH 2,674 -1.3% 4.4%
Cleveland, OH 2,446 -0.7% 3.9%
Columbus, OH 2,575 -2.8% 1.8%
Dallas, TX 5,831 -0.3% 8.8%
Dayton, OH 992 -5.2% -2.0%
Denver, CO 4,877 -2.2% 9.0%
Detroit, MI 1,691 -4.3% -5.4%
El Paso, TX 802 10.5% 18.3%
Elgin, IL 965 1.2% 3.4%
Fort Lauderdale, FL 2,781 -5.7% -2.8%
Fort Worth, TX 2,923 0.6% 6.3%
Frederick, MD 1,498 -1.0% 21.7%
Fresno, CA 754 -3.7% 1.4%
Grand Rapids, MI 1,339 -0.1% 4.9%
Greensboro, NC 829 -1.4% 10.3%
Greenville, SC 1,147 -2.0% 14.6%
Hartford, CT 1,373 0.0% 9.7%
Houston, TX 7,813 -0.5% 11.3%
Indianapolis, IN 2,939 -1.1% 9.2%
Jacksonville, FL 2,416 -5.5% 3.4%
Kansas City, MO 2,998 -0.8% 0.5%
Knoxville, TN 1,240 -4.3% 5.0%
Lake County, IL 1,099 0.4% 7.2%
Las Vegas, NV 3,681 4.4% 23.6%
Los Angeles, CA 5,906 -0.5% 13.8%
Louisville, KY 1,292 -0.8% 2.6%
McAllen, TX 295 -4.6% 10.2%
Memphis, TN 1,077 -4.3% -4.3%
Miami, FL 2,361 -9.2% -1.0%
Milwaukee, WI 1,791 -2.1% 2.3%
Minneapolis, MN 5,043 -1.8% 0.1%
Montgomery County, PA 2,295 0.8% 12.0%
Nashville, TN 3,445 -3.2% 10.2%
Nassau County, NY 2,657 0.3% 5.9%
New Brunswick, NJ 3,147 4.4% 3.3%
New Haven, CT 923 -2.1% 11.9%
New Orleans, LA 1,260 7.9% 16.4%
New York, NY 4,398 -0.1% -3.8%
Newark, NJ 2,224 0.3% 8.6%
North Port, FL 2,031 -3.1% 18.2%
Oakland, CA 2,188 -4.9% 0.9%
Oklahoma City, OK 1,857 -2.6% 2.8%
Omaha, NE 1,093 -5.6% -4.2%
Orlando, FL 4,122 -0.2% 12.5%
Oxnard, CA 707 0.4% 9.5%
Philadelphia, PA 2,182 -0.7% 11.0%
Phoenix, AZ 8,481 -0.5% 19.5%
Pittsburgh, PA 2,130 -2.5% 3.6%
Portland, OR 3,145 -3.9% 5.5%
Providence, RI 1,771 -5.3% 1.8%
Raleigh, NC 2,449 -3.8% 18.9%
Richmond, VA 1,619 -1.4% 7.1%
Riverside, CA 4,838 0.4% 12.4%
Rochester, NY 1,001 -6.2% -7.6%
Sacramento, CA 2,626 -1.1% 4.7%
Salt Lake City, UT 1,491 -1.7% -0.6%
San Antonio, TX 2,818 -2.1% 2.4%
San Diego, CA 3,019 -2.2% 12.7%
San Francisco, CA 932 0.0% 7.2%
San Jose, CA 1,167 -3.7% 5.4%
Seattle, WA 3,881 -2.7% 2.5%
St. Louis, MO 3,331 -5.7% -1.3%
Tacoma, WA 1,292 -2.4% 0.5%
Tampa, FL 5,454 -3.0% 5.0%
Tucson, AZ 1,509 -3.1% 7.9%
Tulsa, OK 1,146 -1.5% -0.9%
Honolulu, HI 774 5.1% 5.5%
Virginia Beach, VA 2,141 -4.7% 2.6%
Warren, MI 3,466 0.2% 2.8%
Washington, D.C. 5,938 -3.2% -3.5%
West Palm Beach, FL 2,815 -0.1% 4.6%
Worcester, MA 1,043 0.5% 7.8%
National 277,500 -1.1% 6.7%

New Listings

Redfin Metro New Listings, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 1,031 10.3% -1.4%
Allentown, PA 770 -8.7% -30.8%
Anaheim, CA 2,803 0.8% -5.1%
Atlanta, GA 10,420 -2.3% -5.1%
Austin, TX 3,482 -1.2% -1.1%
Bakersfield, CA 823 -5.1% -11.9%
Baltimore, MD 4,287 0.7% -0.1%
Baton Rouge, LA 825 -1.5% -24.0%
Boston, MA 4,837 5.1% -13.4%
Bridgeport, CT 1,291 4.3% -4.2%
Buffalo, NY 1,193 10.2% 7.7%
Camden, NJ 1,856 -4.3% -9.7%
Charlotte, NC 4,063 1.0% -4.3%
Chicago, IL 10,504 0.1% 0.7%
Cincinnati, OH 2,941 -0.9% 1.2%
Cleveland, OH 2,880 1.9% 0.4%
Columbus, OH 2,985 5.9% 7.3%
Dallas, TX 7,160 -0.1% 0.7%
Dayton, OH 1,195 0.2% 13.5%
Denver, CO 4,929 -4.8% -8.2%
Detroit, MI 2,290 6.2% 3.1%
El Paso, TX 1,030 14.5% 18.9%
Elgin, IL 1,193 2.8% 6.6%
Fort Lauderdale, FL 3,466 -2.1% -15.5%
Fort Worth, TX 3,489 -1.5% -1.2%
Frederick, MD 1,732 2.1% 2.8%
Fresno, CA 795 -2.6% -12.3%
Grand Rapids, MI 1,477 1.4% -0.2%
Greensboro, NC 688 6.1% -19.1%
Greenville, SC 1,244 -9.2% -3.4%
Hartford, CT 1,550 10.2% 15.7%
Houston, TX 9,934 0.6% 2.4%
Indianapolis, IN 2,978 5.1% -0.1%
Jacksonville, FL 2,850 1.9% 1.2%
Kansas City, MO 2,599 -9.2% -25.9%
Knoxville, TN 1,192 2.7% -12.5%
Lake County, IL 1,441 12.6% 11.4%
Las Vegas, NV 3,554 0.1% -18.6%
Los Angeles, CA 6,486 -1.0% -10.4%
Louisville, KY 1,486 3.9% -4.2%
McAllen, TX 473 15.4% 14.3%
Memphis, TN 1,269 2.6% -2.7%
Miami, FL 3,650 -2.1% -14.2%
Milwaukee, WI 1,859 -0.7% -1.5%
Minneapolis, MN 5,529 -0.2% -0.3%
Montgomery County, PA 2,531 -4.6% -4.8%
Nashville, TN 4,070 1.4% 0.6%
Nassau County, NY 3,357 1.8% -5.7%
New Brunswick, NJ 3,702 9.1% -4.5%
New Haven, CT 1,145 3.4% 6.1%
New Orleans, LA 1,448 4.7% -6.2%
New York, NY 8,052 7.3% -2.3%
Newark, NJ 2,709 19.6% -4.7%
North Port, FL 2,228 0.5% -5.6%
Oakland, CA 2,355 -4.2% -12.9%
Oklahoma City, OK 2,255 1.3% 8.2%
Omaha, NE 1,210 -5.3% -0.2%
Orlando, FL 4,297 -3.7% -7.5%
Oxnard, CA 802 -0.4% -5.4%
Philadelphia, PA 2,804 5.1% 0.7%
Phoenix, AZ 8,041 -1.6% -9.8%
Pittsburgh, PA 2,491 -0.1% -1.2%
Portland, OR 3,409 1.5% -8.3%
Providence, RI 2,181 3.6% 0.9%
Raleigh, NC 2,574 5.4% 2.2%
Richmond, VA 1,782 3.0% 1.0%
Riverside, CA 5,284 -0.7% -8.3%
Rochester, NY 1,181 -1.1% -0.5%
Sacramento, CA 3,032 1.2% -0.9%
Salt Lake City, UT 1,131 -16.9% -39.8%
San Antonio, TX 3,193 -10.7% -7.7%
San Diego, CA 3,234 -2.0% -8.3%
San Francisco, CA 975 -6.0% -14.2%
San Jose, CA 1,229 -0.9% -12.6%
Seattle, WA 4,120 0.2% -4.7%
St. Louis, MO 3,152 -3.1% -27.8%
Tacoma, WA 1,277 -6.7% -12.0%
Tampa, FL 5,870 -0.6% -6.9%
Tucson, AZ 1,586 1.9% -2.0%
Tulsa, OK 795 -32.9% -40.6%
Honolulu, HI 816 -1.9% -26.8%
Virginia Beach, VA 2,533 4.0% 2.0%
Warren, MI 3,935 1.5% -5.8%
Washington, D.C. 6,954 3.5% 4.0%
West Palm Beach, FL 3,398 -2.3% -9.7%
Worcester, MA 1,162 10.9% 3.4%
National 311,400 -0.4% -4.5%

Active listings

Redfin Metro All Homes for Sale, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 3,673 -2.9% -12.0%
Allentown, PA 2,531 -5.0% -33.1%
Anaheim, CA 9,612 -3.2% -17.8%
Atlanta, GA 35,345 -0.4% -5.8%
Austin, TX 10,014 -0.5% -11.7%
Bakersfield, CA 2,611 -2.9% -14.0%
Baltimore, MD 13,624 -2.0% -7.2%
Baton Rouge, LA 4,165 -2.8% -18.7%
Boston, MA 12,941 -2.2% -8.7%
Bridgeport, CT 6,534 -4.9% -6.0%
Buffalo, NY 3,079 0.6% -11.6%
Camden, NJ 7,113 -2.3% -19.5%
Charlotte, NC 14,014 -0.4% -11.4%
Chicago, IL 40,932 1.2% 5.4%
Cincinnati, OH 9,835 -0.9% -10.9%
Cleveland, OH 9,955 -2.7% -10.3%
Columbus, OH 8,842 -0.1% -1.3%
Dallas, TX 25,038 -0.2% -1.6%
Dayton, OH 3,350 0.7% -10.3%
Denver, CO 11,456 -3.2% -12.9%
Detroit, MI 7,358 -0.1% -0.9%
El Paso, TX 3,561 3.4% 5.0%
Elgin, IL 4,368 2.5% 6.1%
Fort Lauderdale, FL 16,164 -2.8% -11.8%
Fort Worth, TX 10,804 -0.8% -0.2%
Frederick, MD 5,014 0.0% -1.5%
Fresno, CA 2,261 -4.6% -17.4%
Grand Rapids, MI 3,805 -0.5% -2.6%
Greensboro, NC 2,389 -5.4% -25.8%
Greenville, SC 5,126 -3.2% -0.8%
Hartford, CT 6,122 -5.0% -5.1%
Houston, TX 36,723 -0.4% -0.7%
Indianapolis, IN 8,017 -0.7% -8.8%
Jacksonville, FL 9,940 -1.2% -10.5%
Kansas City, MO 7,701 -6.4% -28.9%
Knoxville, TN 4,572 -3.6% -2.7%
Lake County, IL 5,846 2.1% 3.1%
Las Vegas, NV 13,221 -3.1% -13.0%
Los Angeles, CA 21,447 -4.3% -20.1%
Louisville, KY 4,479 0.6% -5.5%
McAllen, TX 2,222 0.6% -5.7%
Memphis, TN 4,022 -0.7% -6.3%
Miami, FL 20,682 -2.5% -9.5%
Milwaukee, WI 6,382 -1.4% -5.3%
Minneapolis, MN 15,319 -0.7% -7.0%
Montgomery County, PA 7,783 -1.4% -12.4%
Nashville, TN 14,265 -0.8% -4.8%
Nassau County, NY 13,536 -1.8% -8.6%
New Brunswick, NJ 15,159 -0.5% -11.2%
New Haven, CT 4,297 -3.1% -10.1%
New Orleans, LA 5,665 0.9% -0.2%
New York, NY 39,260 1.5% -12.4%
Newark, NJ 10,669 -0.4% -6.5%
North Port, FL 8,563 -1.1% -14.0%
Oakland, CA 5,039 -3.1% -23.3%
Oklahoma City, OK 6,902 1.3% -5.6%
Omaha, NE 2,878 -0.1% -8.2%
Orlando, FL 13,470 -1.8% -12.5%
Oxnard, CA 2,695 -3.3% -6.3%
Philadelphia, PA 9,027 -1.5% -2.2%
Phoenix, AZ 22,708 -3.8% -23.4%
Pittsburgh, PA 10,716 -0.4% -2.7%
Portland, OR 9,128 -1.9% -16.4%
Providence, RI 7,318 0.3% -10.2%
Raleigh, NC 8,819 -0.3% -6.6%
Richmond, VA 4,797 1.2% -7.1%
Riverside, CA 19,205 -3.0% -16.3%
Rochester, NY 2,764 -2.6% -12.6%
Sacramento, CA 7,403 0.3% -17.9%
Salt Lake City, UT 2,897 -11.4% -49.5%
San Antonio, TX 12,382 -2.7% -1.5%
San Diego, CA 8,576 -3.3% -24.0%
San Francisco, CA 2,447 -2.2% -10.9%
San Jose, CA 2,983 -2.8% -23.5%
Seattle, WA 9,364 -1.4% -18.0%
St. Louis, MO 11,204 -3.1% -23.9%
Tacoma, WA 2,774 -1.5% -24.4%
Tampa, FL 17,866 -2.2% -15.5%
Tucson, AZ 5,237 -1.7% -13.4%
Tulsa, OK 3,046 -11.4% -41.6%
Honolulu, HI 4,200 -3.8% -9.2%
Virginia Beach, VA 8,128 -1.8% -14.5%
Warren, MI 12,175 -0.7% -2.1%
Washington, D.C. 18,704 0.1% -8.5%
West Palm Beach, FL 16,029 -1.8% -10.8%
Worcester, MA 3,409 -3.6% -10.7%
National 1,061,700 -1.6% -11.4%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year
Albany, NY $194,700 -0.2% -9.1%
Allentown, PA $208,400 0.1% -0.1%
Atlanta, GA $228,000 0.5% 4.3%
Austin, TX $294,800 0.2% -1.7%
Bakersfield, CA $189,500 0.0% -12.2%
Baltimore, MD $265,900 -0.1% 5.0%
Baton Rouge, LA $127,100 0.3% -16.2%
Birmingham, AL $131,300 0.5% -11.5%
Boston, MA $515,700 0.0% 6.1%
Bridgeport, CT $388,300 -0.1% -36.4%
Buffalo, NY $147,400 -0.1% -5.5%
Camden, NJ $202,400 0.2% 5.2%
Charlotte, NC $201,500 0.4% -2.0%
Chicago, IL $258,900 -0.2% 7.0%
Cincinnati, OH $161,700 0.2% -3.6%
Cleveland, OH $138,000 -0.2% -0.1%
Columbus, OH $193,200 0.1% 2.3%
Dallas, TX $255,600 0.2% -0.3%
Dayton, OH $121,900 0.0% 4.6%
Denver, CO $408,300 0.8% -0.4%
Detroit, MI $102,100 0.0% -3.5%
Fort Lauderdale, FL $267,200 0.4% 1.1%
Fort Worth, TX $217,000 0.3% 1.8%
Fresno, CA $255,800 0.3% 0.9%
Grand Rapids, MI $166,900 0.4% 4.5%
Greenville, SC $156,400 0.5% -7.7%
Hartford, CT $221,400 0.0% -23.2%
Houston, TX $197,000 0.9% -5.3%
Indianapolis, IN $161,400 0.5% 0.8%
Jacksonville, FL $207,500 0.6% -4.4%
Kansas City, MO $180,800 0.9% -2.7%
Knoxville, TN $174,400 0.2% 15.9%
Las Vegas, NV $280,800 0.2% 2.8%
Los Angeles, CA $635,300 0.2% 1.0%
Louisville, KY $173,500 0.2% 15.0%
Memphis, TN $142,800 0.4% 5.2%
Miami, FL $309,400 -1.0% 4.3%
Milwaukee, WI $194,100 -0.4% -6.7%
Minneapolis, MN $269,000 0.0% 4.1%
Montgomery County, PA $320,500 0.1% 1.4%
Nashville, TN $271,400 0.7% 9.3%
New Haven, CT $219,700 0.0% -13.8%
New Orleans, LA $167,200 -0.3% -1.6%
Newark, NJ $361,900 0.2% -2.7%
Oakland, CA $761,000 0.0% 0.1%
Oklahoma City, OK $142,500 0.0% 0.8%
Omaha, NE $186,800 0.2% 10.5%
Orlando, FL $231,500 0.6% -0.1%
Oxnard, CA $594,500 0.4% -0.9%
Philadelphia, PA $186,600 0.4% -6.2%
Phoenix, AZ $266,400 0.7% -0.6%
Pittsburgh, PA $131,300 0.1% -9.1%
Portland, OR $393,000 -0.1% 0.6%
Providence, RI $288,500 0.3% -2.0%
Raleigh, NC $252,100 0.2% -3.0%
Richmond, VA $232,100 0.1% 4.3%
Riverside, CA $325,100 0.1% -10.8%
Rochester, NY $142,100 -0.3% -1.1%
Sacramento, CA $406,600 0.1% 1.6%
Salt Lake City, UT $347,100 0.4% 6.8%
San Antonio, TX $182,100 0.2% -5.3%
San Diego, CA $592,800 0.3% 0.4%
San Francisco, CA $1,341,500 -0.8% 1.0%
San Jose, CA $1,116,100 0.0% -7.7%
Seattle, WA $544,600 0.2% -2.2%
St. Louis, MO $155,700 0.2% 0.1%
Tacoma, WA $353,000 1.1% 2.5%
Tampa, FL $215,300 0.2% -1.6%
Tucson, AZ $198,800 0.5% -4.3%
Tulsa, OK $128,000 -0.4% -7.9%
Warren, MI $208,000 0.0% -1.4%
Washington, D.C. $395,500 0.0% 2.2%
West Palm Beach, FL $273,000 0.5% 2.9%
Worcester, MA $274,200 -0.2% -3.3%
National $297,100 4.7% 3.0%



Source: Redfin Blog

Posted on

US Home Prices Up 7% in December

A record shortage of homes for sale drove prices up on a monthly and annual basis.

U.S. home-sale prices increased 6.9% year over year in December to a median of $312,500 across the 217 metros Redfin tracks. Home prices were also up 1.1% month over month on a seasonally-adjusted basis, the largest increase since February 2018.

“Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices,” said Redfin chief economist Daryl Fairweather. “Prices heated up in West Coast metros like Seattle and Los Angeles, which indicates the slowdown of 2019 has officially ended in these markets.”

Prices continued to increase the fastest in affordable metro areas in December. Among the 20 metro areas with the largest year-over-year price increases, 16 were below the national median, led in December by Memphis (median price $190,000, up 15.9%), Camden, NJ ($195,000, +14.7%) and Cincinnati ($187,000, +14.4%).

For the more expensive metro areas, a boost in the loan limits for mortgages backed by FHA, VA, Fannie Mae and Freddie Mac that takes effect in January could impact affordability and put upward pressure on home prices in the sweet spot of the limit increases. The new limit for most of the country is $510,400, up from $484,350 in 2019, while the limit in high-cost areas has increased to $765,600, up from $726,525 in 2019.

Of the 85 largest metro areas Redfin tracks, only two saw a year-over-year decline in the median sale price: In New York, home prices were down 2.4%—possibly as a result of the increase in New York City’s “mansion tax” on homes priced above $1 million. In San Francisco, they fell 1.7%.

Year-Over-Year Home Price Gains Hit a 19-Month High in December

Market Summary December 2019 Month-Over-Month Year-Over-Year
Median sale price $312,500 0.5% 6.9%
Homes sold, seasonally-adjusted 276,800 1.0% 6.8%
New listings, seasonally-adjusted 304,600 -1.3% -5.1%
All Homes for sale 646,800 -14.6% -14.9%
Median days on market 50 5 -2
Months of supply 2.6 -0.5 -0.8
Sold above list 19.1% -1.7 pts 0.6 pts
Median Off-Market Redfin Estimate $283,400 -3.6% 3.6%
Average Sale-to-list 97.4% -0.5 pts 0.3 pts

† – “pts” = percentage point change

Nationwide, home sales increased 6.8% year over year in December, the fifth consecutive month of increases, and were up 1.0% from November on a seasonally-adjusted basis.

The markets with the biggest increases in home sales from a year ago were Anaheim, CA (37.7%), North Port, FL (35.8%) and New Haven, CT (23.0%).

Home Sales Growth Hit a 33-Month High in December

The supply of homes for sale fell 14.9% year over year, the biggest decline since March 2013 and the sixth straight month of declines. There were fewer homes for sale last month than any time since at least December 2012. Just one of the 85 largest metros tracked by Redfin posted a year-over-year increase in inventory: Knoxville, TN (5.3%).

Compared to a year ago, the biggest declines in the number of homes for sale were in Salt Lake City (-54.7%), Tacoma, WA (-44.3%) and San Diego, CA (-40.3%).

Home Supply Fell 15% Year Over Year in December

The rapid reduction in supply can be attributed both to the increase in home sales and to a decline in new listings, which fell 5.1% in December from a year earlier—the largest drop on record since our data began in 2012. “Many homeowners have refinanced their mortgages to take advantage of low interest rates and therefore feel committed to staying put,” continued Fairweather. “The lack of homes for sale is going to fuel competition and price growth in 2020.”

Change in New Listings Fell to an 8-Year Low in December

Seasonally-adjusted new listings in December fell the most from a year earlier in Salt Lake City (-50.4%), followed by Allentown, PA (-39.3%) and Kansas City, MO (-38.9%).

Homes sold in December spent two fewer days on market compared to the prior year. In December, the typical home went under contract in 50 days, compared to 52 days in December 2018.

The share of homes sold above list price increased year over year, coming in at 19.1% in December compared to 17.3% a year earlier.

Homes Sold Sold 2 Days Faster in December Than a Year Prior

Share of Homes Sold Above List Price Rose Slightly Year Over Year in December


Other December Highlights

Competition

  • Omaha and Tacoma were the fastest markets, with half of all homes pending sale in just 21 days, down from 23 days and 34 days a year earlier, respectively. Grand Rapids, MI was the next fastest market with 25 median days on market, followed by Buffalo, NY (25) and Fresno (26).
  • The most competitive market in December was San Francisco where 51.6% of homes sold above list price, followed by Oakland at 44.4%, Tacoma at 41.8%, San Jose at 40.0% and Los Angeles at 36.7%.

Prices

Sales

  • Anaheim led the nation in year-over-year sales growth, up 37.7%, followed by North Port, FL, up 35.8%. New Haven rounded out the top three with sales up 23.0% from a year ago.
  • Salt Lake City saw the largest decline in sales since last year, falling 2.8%. Home sales in Camden and New York declined by 2.5% and 1.9%, respectively.

Inventory

  • Knoxville had the highest increase in the number of homes for sale, up 5.3% year over year.
  • Salt Lake City had the largest decrease in overall inventory, falling 54.7% since last December. Tacoma (-44.3%), San Diego (-40.3%), and Seattle (-39.7%) also saw far fewer homes available on the market than a year ago.

Redfin Estimate

  • Miami (90.2%) had the largest share of homes predicted to sell for below list price, according to Redfin Estimate data, followed by Fort Lauderdale (87.3%) and West Palm Beach (87.0%).
  • San Francisco (10.8%) had the largest share of homes predicted to sell at or above list price, followed by San Jose (15.1%) and Tacoma (17.4%).

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750,000 or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Albany, NY $215,000 -3.4% 10.3%
Allentown, PA $206,000 -1.9% 8.4%
Anaheim, CA $720,000 0.0% 5.9%
Atlanta, GA $250,000 2.0% 5.7%
Austin, TX $322,400 4.4% 6.2%
Bakersfield, CA $251,000 0.8% 11.1%
Baltimore, MD $279,500 1.6% 7.5%
Baton Rouge, LA $215,000 8.1% 5.9%
Birmingham, AL $212,000 1.0% 9.8%
Boston, MA $500,000 2.0% 10.4%
Bridgeport, CT $390,000 2.6% 2.5%
Buffalo, NY $160,000 0.6% 8.8%
Camden, NJ $195,000 -2.5% 14.7%
Charlotte, NC $267,000 3.5% 11.3%
Chicago, IL $241,000 0.0% 5.2%
Cincinnati, OH $187,000 2.5% 14.4%
Cleveland, OH $146,000 -2.7% 1.4%
Columbus, OH $210,000 -0.5% 5.1%
Dallas, TX $303,400 2.8% 2.8%
Dayton, OH $135,000 -3.5% 3.8%
Denver, CO $412,500 -0.6% 4.4%
Detroit, MI $135,000 -3.6% 9.8%
El Paso, TX $172,700 1.9% 8.6%
Elgin, IL $215,000 -7.3% 0.9%
Fort Lauderdale, FL $280,000 1.5% 8.6%
Fort Worth, TX $249,900 1.6% 4.6%
Frederick, MD $410,000 -2.9% 4.9%
Fresno, CA $277,000 -3.8% 5.3%
Grand Rapids, MI $205,000 -0.5% 7.9%
Greensboro, NC $175,500 -2.5% 13.3%
Greenville, SC $213,000 -1.5% 2.4%
Hartford, CT $219,900 -0.5% 4.5%
Houston, TX $254,000 4.5% 5.8%
Indianapolis, IN $192,000 3.2% 9.7%
Jacksonville, FL $238,000 2.6% 3.5%
Kansas City, MO $225,000 2.3% 9.8%
Knoxville, TN $219,000 1.2% 12.9%
Lake County, IL $224,600 -2.8% 4.5%
Las Vegas, NV $295,000 2.4% 6.5%
Los Angeles, CA $649,000 1.4% 8.2%
Louisville, KY $198,000 4.2% 7.0%
McAllen, TX $164,000 2.6% 12.4%
Memphis, TN $190,000 5.6% 15.9%
Miami, FL $317,000 1.0% 7.5%
Milwaukee, WI $218,000 0.4% 11.8%
Minneapolis, MN $279,800 -0.1% 7.6%
Montgomery County, PA $315,000 -1.6% 5.0%
Nashville, TN $313,600 2.5% 8.2%
Nassau County, NY $465,000 2.2% 6.9%
New Brunswick, NJ $317,500 -3.8% 3.8%
New Haven, CT $215,000 2.4% 3.6%
New Orleans, LA $229,400 -2.4% 6.5%
New York, NY $488,000 -3.4% -2.4%
Newark, NJ $368,500 2.6% 13.4%
North Port, FL $285,200 2.1% 6.4%
Oakland, CA $725,000 0.8% 5.3%
Oklahoma City, OK $185,000 0.6% 10.4%
Omaha, NE $200,200 -3.3% 5.4%
Orlando, FL $266,500 4.1% 6.6%
Oxnard, CA $606,500 -0.6% 1.1%
Philadelphia, PA $215,000 -1.4% 13.2%
Phoenix, AZ $292,500 2.6% 10.4%
Pittsburgh, PA $169,900 -4.0% 4.6%
Portland, OR $400,000 -2.7% 3.9%
Providence, RI $289,000 -2.2% 7.8%
Raleigh, NC $290,000 -1.0% 3.9%
Richmond, VA $265,000 3.9% 11.8%
Riverside, CA $380,000 0.1% 5.8%
Rochester, NY $149,900 -0.1% 9.0%
Sacramento, CA $410,000 -0.7% 3.8%
Salt Lake City, UT $348,300 1.0% 10.6%
San Antonio, TX $235,000 4.2% 4.4%
San Diego, CA $581,000 -3.2% 2.8%
San Francisco, CA $1,322,500 -3.8% -1.7%
San Jose, CA $1,053,800 -2.5% 2.3%
Seattle, WA $572,500 3.1% 6.0%
St. Louis, MO $185,300 1.8% 7.4%
Tacoma, WA $375,000 0.0% 9.3%
Tampa, FL $245,000 2.9% 7.0%
Tucson, AZ $237,100 5.4% 12.9%
Tulsa, OK $178,000 4.7% 7.2%
Urban Honolulu, HI $615,000 6.8% 14.1%
Virginia Beach, VA $239,900 3.0% 9.6%
Warren, MI $211,000 -0.7% 8.2%
Washington, DC $415,000 0.0% 3.8%
West Palm Beach, FL $290,000 0.0% 8.3%
Worcester, MA $282,000 2.5% 8.9%
National $312,500 0.5% 6.9%

Homes Sold

Redfin Metro Homes Sold, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 816 -5.0% -1.6%
Allentown, PA 907 -1.0% 7.7%
Anaheim, CA 2,666 2.8% 32.7%
Atlanta, GA 9,230 1.3% 4.4%
Austin, TX 3,112 -0.4% 7.0%
Bakersfield, CA 736 -1.0% -2.0%
Baltimore, MD 3,595 -0.2% 9.7%
Baton Rouge, LA 879 2.6% 15.8%
Boston, MA 4,447 7.1% 12.9%
Bridgeport, CT 1,068 5.1% 8.7%
Buffalo, NY 1,009 -6.0% -4.3%
Camden, NJ 1,630 -3.7% -4.6%
Charlotte, NC 3,860 0.8% 12.6%
Chicago, IL 8,156 3.6% 7.4%
Cincinnati, OH 2,695 0.6% 3.8%
Cleveland, OH 2,442 -1.5% 1.0%
Columbus, OH 2,654 1.2% 8.4%
Dallas, TX 5,804 2.0% 9.8%
Dayton, OH 1,030 1.2% 4.9%
Denver, CO 4,916 5.4% 15.4%
Detroit, MI 1,725 -0.5% -5.2%
El Paso, TX 700 -2.6% 5.7%
Elgin, IL 937 -0.4% 2.5%
Fort Lauderdale, FL 2,894 -0.4% 3.6%
Fort Worth, TX 2,859 -0.7% 1.7%
Frederick, MD 1,489 -0.1% 8.0%
Fresno, CA 760 -1.5% 2.5%
Grand Rapids, MI 1,321 -3.6% 4.3%
Greensboro, NC 833 -1.5% 17.5%
Greenville, SC 1,169 7.2% 16.8%
Hartford, CT 1,315 1.1% 6.0%
Houston, TX 7,860 2.5% 10.4%
Indianapolis, IN 2,970 -1.4% 7.1%
Jacksonville, FL 2,497 2.6% 10.0%
Kansas City, MO 3,134 3.2% 9.5%
Knoxville, TN 1,278 3.9% 10.6%
Lake County, IL 1,082 4.3% 7.5%
Las Vegas, NV 3,477 0.1% 14.3%
Los Angeles, CA 5,905 -1.1% 10.1%
Louisville, KY 1,282 -9.6% -1.0%
McAllen, TX 267 -14.6% 9.7%
Memphis, TN 1,092 -1.3% -0.6%
Miami, FL 2,412 -6.0% -1.6%
Milwaukee, WI 1,820 1.9% 8.9%
Minneapolis, MN 5,261 1.2% 6.7%
Montgomery County, PA 2,230 0.5% 4.6%
Nashville, TN 3,522 1.8% 16.1%
Nassau County, NY 2,551 -2.8% -0.9%
New Brunswick, NJ 2,976 -5.9% 1.5%
New Haven, CT 939 1.7% 17.6%
New Orleans, LA 1,161 -6.1% 0.8%
New York, NY 4,318 -2.9% -5.7%
Newark, NJ 2,187 4.0% 6.8%
North Port, FL 2,095 5.7% 24.4%
Oakland, CA 2,292 4.4% 11.3%
Oklahoma City, OK 1,916 -1.0% 9.3%
Omaha, NE 1,165 -1.4% 7.7%
Orlando, FL 4,082 2.6% 13.2%
Oxnard, CA 694 -5.0% 7.6%
Philadelphia, PA 2,123 -0.9% 0.3%
Phoenix, AZ 8,465 -0.8% 16.8%
Pittsburgh, PA 2,162 -0.8% 4.2%
Portland, OR 3,356 2.0% 14.0%
Providence, RI 1,853 2.0% 11.3%
Raleigh, NC 2,463 3.7% 17.3%
Richmond, VA 1,637 -0.1% 15.0%
Riverside, CA 4,769 0.3% 9.1%
Rochester, NY 1,051 -3.1% -0.1%
Sacramento, CA 2,648 0.7% 6.7%
Salt Lake City, UT 1,497 -3.8% -5.4%
San Antonio, TX 2,876 1.7% 7.2%
San Diego, CA 3,069 0.8% 16.4%
San Francisco, CA 916 0.7% 8.7%
San Jose, CA 1,208 -0.1% 12.8%
Seattle, WA 3,980 0.7% 10.5%
St. Louis, MO 3,547 2.6% 8.3%
Tacoma, WA 1,329 2.7% 2.2%
Tampa, FL 5,626 3.4% 13.3%
Tucson, AZ 1,557 2.3% 11.6%
Tulsa, OK 1,156 -2.5% 6.0%
Urban Honolulu, HI 748 0.9% 3.1%
Virginia Beach, VA 2,239 -4.1% 11.4%
Warren, MI 3,412 -0.1% 1.2%
Washington, DC 6,043 1.4% 1.4%
West Palm Beach, FL 2,780 -0.3% 4.3%
Worcester, MA 1,029 0.9% 5.1%
National 276,800 1.0% 6.8%

New Listings

Redfin Metro New Listings, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 934 -0.4% -15.6%
Allentown, PA 845 -2.5% -19.8%
Anaheim, CA 2,727 0.0% -7.5%
Atlanta, GA 10,670 1.7% 0.8%
Austin, TX 3,524 -0.4% 1.5%
Bakersfield, CA 876 -4.6% -5.0%
Baltimore, MD 4,025 -4.0% -6.3%
Baton Rouge, LA 821 -12.4% -23.2%
Boston, MA 4,573 0.0% -8.7%
Bridgeport, CT 1,230 -0.3% 4.5%
Buffalo, NY 1,067 -4.0% -16.2%
Camden, NJ 1,936 -1.6% -7.5%
Charlotte, NC 4,079 0.8% 0.4%
Chicago, IL 10,393 0.9% -0.4%
Cincinnati, OH 2,963 -0.9% 0.2%
Cleveland, OH 2,813 0.3% -5.0%
Columbus, OH 2,766 -2.0% -1.6%
Dallas, TX 7,143 0.7% 1.1%
Dayton, OH 1,166 4.7% 16.0%
Denver, CO 5,291 5.6% 8.5%
Detroit, MI 2,157 -1.6% -8.3%
El Paso, TX 885 8.1% 3.5%
Elgin, IL 1,176 0.8% 0.3%
Fort Lauderdale, FL 3,539 -3.7% -11.4%
Fort Worth, TX 3,534 3.2% 7.3%
Frederick, MD 1,685 -4.5% 2.9%
Fresno, CA 845 -6.7% -7.3%
Grand Rapids, MI 1,404 -2.0% -8.3%
Greensboro, NC 802 -2.3% -4.6%
Greenville, SC 1,365 6.3% 13.0%
Hartford, CT 1,402 -4.7% 4.7%
Houston, TX 9,837 0.0% 2.3%
Indianapolis, IN 2,818 -6.7% -6.3%
Jacksonville, FL 2,765 1.0% 4.8%
Kansas City, MO 2,831 -4.8% -17.0%
Knoxville, TN 1,147 -12.1% -9.1%
Lake County, IL 1,258 -7.2% -14.8%
Las Vegas, NV 3,512 -3.2% -19.5%
Los Angeles, CA 6,536 0.8% -8.7%
Louisville, KY 1,420 -4.5% -8.3%
McAllen, TX 409 -14.6% -13.7%
Memphis, TN 1,224 -4.9% -11.1%
Miami, FL 3,704 -5.6% -11.5%
Milwaukee, WI 1,875 1.1% -16.8%
Minneapolis, MN 5,547 0.0% 0.9%
Montgomery County, PA 2,679 -0.5% 6.6%
Nashville, TN 3,988 -2.4% 3.5%
Nassau County, NY 3,262 -1.5% -4.3%
New Brunswick, NJ 3,330 -8.0% -14.8%
New Haven, CT 984 -6.9% -1.4%
New Orleans, LA 1,340 -7.7% -0.4%
New York, NY 7,530 0.7% -5.5%
Newark, NJ 2,326 -9.9% -18.1%
North Port, FL 2,214 -1.6% 0.8%
Oakland, CA 2,492 2.8% -3.2%
Oklahoma City, OK 2,169 2.4% 6.0%
Omaha, NE 1,275 6.2% 11.6%
Orlando, FL 4,493 -1.5% -0.1%
Oxnard, CA 796 0.1% -4.8%
Philadelphia, PA 2,632 -7.5% -6.4%
Phoenix, AZ 8,094 -1.0% -8.8%
Pittsburgh, PA 2,483 -1.9% 5.7%
Portland, OR 3,317 -1.6% 1.2%
Providence, RI 2,089 -1.0% -5.0%
Raleigh, NC 2,379 -8.4% -6.7%
Richmond, VA 1,705 -1.0% -3.6%
Riverside, CA 5,203 -0.7% -7.9%
Rochester, NY 1,194 1.1% 4.4%
Sacramento, CA 2,980 0.2% -5.5%
Salt Lake City, UT 1,357 -2.8% -26.0%
San Antonio, TX 3,573 4.3% 7.5%
San Diego, CA 3,233 0.7% -5.5%
San Francisco, CA 1,047 4.8% 4.2%
San Jose, CA 1,174 3.1% -15.7%
Seattle, WA 4,062 1.5% 15.8%
St. Louis, MO 3,050 -6.2% -21.5%
Tacoma, WA 1,364 6.8% 5.3%
Tampa, FL 5,886 -1.4% -4.9%
Tulsa, OK 1,127 -3.5% -19.9%
Urban Honolulu, HI 839 -5.2% -20.6%
Virginia Beach, VA 2,424 -4.8% -3.2%
Warren, MI 3,818 -1.0% -9.1%
Washington, DC 6,625 -1.3% -2.0%
West Palm Beach, FL 3,493 0.1% -5.3%
Worcester, MA 1,046 -15.8% -14.6%
National 304,600 -1.3% -5.1%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Albany, NY 2,456 -15.1% -16.3%
Allentown, PA 1,595 -11.6% -32.4%
Anaheim, CA 4,752 -26.2% -32.2%
Atlanta, GA 22,448 -10.4% -8.9%
Austin, TX 5,421 -16.5% -19.1%
Bakersfield, CA 1,531 -13.7% -20.1%
Baltimore, MD 7,937 -20.1% -13.7%
Baton Rouge, LA 3,301 -0.9% -11.1%
Birmingham, AL 3,333 -14.7% -17.3%
Boston, MA 5,365 -34.6% -19.2%
Bridgeport, CT 4,159 -19.8% -9.4%
Buffalo, NY 1,663 -16.2% -19.9%
Camden, NJ 4,353 -15.6% -28.6%
Charlotte, NC 7,925 -17.0% -17.8%
Chicago, IL 26,941 -7.0% 14.9%
Cincinnati, OH 5,574 -18.1% -16.0%
Cleveland, OH 5,938 -20.3% -17.3%
Columbus, OH 4,573 -22.7% -6.8%
Dallas, TX 13,881 -18.9% -9.4%
Dayton, OH 1,938 -15.9% -18.3%
Denver, CO 4,797 -28.5% -19.2%
Detroit, MI 4,811 -12.7% -5.5%
El Paso, TX 2,412 -9.8% -2.5%
Elgin, IL 3,026 -1.4% 18.1%
Fort Lauderdale, FL 12,629 -5.2% -10.1%
Fort Worth, TX 5,847 -17.6% -6.0%
Frederick, MD 2,477 -24.5% -8.9%
Fresno, CA 1,287 -18.7% -23.3%
Grand Rapids, MI 2,077 -16.9% -4.8%
Greensboro, NC 1,618 -10.4% -23.3%
Greenville, SC 3,483 -10.7% -0.5%
Hartford, CT 4,026 -19.7% -12.0%
Houston, TX 23,688 -10.4% -5.9%
Indianapolis, IN 4,563 -18.6% -15.7%
Jacksonville, FL 6,240 -12.4% -16.6%
Knoxville, TN 3,331 -11.3% 5.3%
Lake County, IL 3,830 -8.0% 8.2%
Las Vegas, NV 8,575 -14.7% -13.7%
Los Angeles, CA 11,656 -24.9% -28.4%
Louisville, KY 2,621 -15.7% -8.8%
McAllen, TX 1,701 -7.7% -12.5%
Memphis, TN 2,368 -15.1% -11.1%
Miami, FL 17,075 -6.7% -9.6%
Milwaukee, WI 3,585 -20.6% -7.3%
Minneapolis, MN 7,011 -24.9% -13.7%
Montgomery County, PA 4,311 -20.9% -18.3%
Nashville, TN 9,074 -13.5% -8.1%
Nassau County, NY 8,633 -15.0% -11.1%
New Brunswick, NJ 9,280 -15.8% -15.3%
New Haven, CT 2,704 -18.8% -17.2%
New Orleans, LA 3,883 -10.8% -2.1%
New York, NY 29,865 -8.0% -12.7%
Newark, NJ 6,726 -15.5% -8.2%
North Port, FL 6,324 -3.3% -19.9%
Oakland, CA 1,597 -37.6% -35.7%
Oklahoma City, OK 4,326 -8.4% -14.1%
Omaha, NE 1,570 -15.4% -12.5%
Orlando, FL 8,435 -10.0% -17.9%
Oxnard, CA 1,502 -18.7% -10.8%
Philadelphia, PA 5,466 -18.6% -8.1%
Phoenix, AZ 13,259 -16.3% -31.8%
Pittsburgh, PA 7,192 -13.6% -5.3%
Portland, OR 4,653 -21.3% -22.9%
Providence, RI 4,183 -19.7% -18.1%
Raleigh, NC 5,030 -17.7% -12.1%
Richmond, VA 2,470 -20.4% -17.1%
Riverside, CA 11,805 -17.3% -25.2%
Rochester, NY 1,361 -18.9% -18.9%
Sacramento, CA 3,200 -28.5% -32.7%
Salt Lake City, UT 1,561 -18.1% -54.7%
San Antonio, TX 8,013 -11.0% -4.1%
San Diego, CA 4,108 -24.2% -40.3%
San Francisco, CA 850 -45.5% -15.5%
San Jose, CA 923 -43.6% -37.8%
Seattle, WA 3,308 -31.4% -39.7%
St. Louis, MO 6,842 -12.8% -25.0%
Tacoma, WA 1,042 -23.1% -44.3%
Tampa, FL 11,303 -9.5% -23.0%
Tulsa, OK 2,449 0.7% -32.9%
Urban Honolulu, HI 3,040 -11.7% -2.4%
Virginia Beach, VA 4,788 -16.0% -24.2%
Warren, MI 7,095 -17.9% -3.9%
Washington, DC 9,077 -23.6% -19.1%
West Palm Beach, FL 12,387 -4.5% -11.9%
Worcester, MA 1,695 -28.6% -23.0%
National 646,800 -14.6% -14.9%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year
Albany, NY $195,100 -6.2% -9.3%
Allentown, PA $208,200 -3.7% -0.4%
Atlanta, GA $226,900 -1.7% 4.2%
Austin, TX $294,100 -4.3% -2.0%
Bakersfield, CA $189,600 -9.2% -12.1%
Baltimore, MD $266,200 -0.9% 4.9%
Baton Rouge, LA $126,800 -16.6% -16.2%
Birmingham, AL $130,700 -8.2% -12.1%
Boston, MA $515,900 1.4% 5.9%
Bridgeport, CT $388,600 0.1% -37.8%
Buffalo, NY $147,600 -5.5% -5.7%
Camden, NJ $201,900 -1.1% 4.7%
Charlotte, NC $200,600 -3.2% -2.1%
Chicago, IL $259,400 1.3% 7.0%
Cincinnati, OH $161,400 -5.1% -3.9%
Cleveland, OH $138,300 -4.3% 0.1%
Columbus, OH $193,000 -2.8% 2.5%
Dallas, TX $255,100 -2.9% -0.4%
Dayton, OH $121,800 -1.8% 4.3%
Denver, CO $405,200 -1.5% -1.0%
Detroit, MI $102,200 -5.0% -3.8%
Fort Lauderdale, FL $266,300 -1.1% 1.4%
Fort Worth, TX $216,400 -3.7% 1.8%
Fresno, CA $255,000 -1.9% 0.7%
Grand Rapids, MI $166,100 -2.1% 4.0%
Greenville, SC $155,600 -10.5% -7.8%
Hartford, CT $221,400 0.0% -34.4%
Houston, TX $195,200 -4.7% -5.9%
Indianapolis, IN $160,600 -2.9% 0.5%
Jacksonville, FL $206,200 -4.9% -4.7%
Kansas City, MO $179,200 -3.1% -3.5%
Knoxville, TN $174,100 -2.7% 16.1%
Las Vegas, NV $280,200 -0.4% 2.7%
Los Angeles, CA $633,900 -0.3% 0.6%
Louisville, KY $173,000 -1.5% 14.8%
Memphis, TN $142,300 -2.2% 5.8%
Miami, FL $312,400 0.1% 5.8%
Milwaukee, WI $194,900 -1.8% -6.8%
Minneapolis, MN $268,800 -1.3% 4.0%
Montgomery County, PA $320,100 -0.9% 1.3%
Nashville, TN $269,500 -1.2% 8.8%
New Haven, CT $219,700 0.0% -28.5%
New Orleans, LA $167,700 -6.6% -1.2%
Newark, NJ $361,000 -3.1% -2.9%
Oakland, CA $761,300 -0.8% -0.7%
Oklahoma City, OK $142,500 -4.2% 1.1%
Omaha, NE $186,500 0.2% 10.4%
Orlando, FL $230,200 -2.8% -0.3%
Oxnard, CA $591,900 -1.4% -1.6%
Philadelphia, PA $185,800 -1.8% -7.1%
Phoenix, AZ $264,600 -3.2% -1.0%
Pittsburgh, PA $131,200 -8.4% -9.3%
Portland, OR $393,400 -1.5% 0.9%
Providence, RI $287,600 -2.5% -2.5%
Raleigh, NC $251,700 -5.2% -4.9%
Richmond, VA $231,900 -1.1% 4.3%
Riverside, CA $324,600 -7.3% -11.0%
Rochester, NY $142,500 -3.8% -1.4%
Sacramento, CA $406,200 -1.5% 1.2%
Salt Lake City, UT $345,800 -0.1% 6.7%
San Antonio, TX $181,800 -6.7% -5.2%
San Diego, CA $590,900 -1.2% -0.2%
San Francisco, CA $1,352,700 0.6% 0.9%
San Jose, CA $1,116,000 -1.2% -8.8%
Seattle, WA $543,800 -2.7% -3.0%
St. Louis, MO $155,400 -3.9% 0.1%
Tacoma, WA $349,000 -3.1% 1.3%
Tampa, FL $214,900 -3.6% -1.5%
Tucson, AZ $197,900 -6.0% -4.4%
Tulsa, OK $128,500 -6.3% -7.5%
Warren, MI $208,100 -1.2% -1.6%
Washington, DC $395,500 -0.7% 2.1%
West Palm Beach, FL $271,700 -1.0% 2.6%
Worcester, MA $274,600 -3.5% -3.3%
National $283,400 -3.6% 3.6%

Source: Redfin Blog

Posted on

Home Prices Increased 5% in November Amid Rapid Decline in Number of Homes For Sale

Number of new listings fell 5.9% annually as sales increased 3%

U.S. home-sale prices increased 5.2% year over year in November to a median of $311,600 across the 217 metros Redfin tracks. The increase was the largest since July 2018, when home prices were up 5.6% from a year earlier. Home prices were flat between October and November, which is a bit weak compared to the average 0.7% increase between those months over the past seven years.

“Given that inventory is falling quickly, we’d expect to see even stronger price growth, especially when compared to last year’s soft market,” said Redfin chief economist Daryl Fairweather. “The fact that homes are selling faster indicates that there are buyers ready to pull the trigger and take advantage of low interest rates. If lack of inventory and high demand continues, buyers who take a wait-and-see approach could face less favorable conditions in the spring season like bidding wars and faster price growth.”

Affordable metro areas again saw the biggest home price gains in November. For the fifth month in a row, the nine metro areas with the biggest gains all had median sale prices below the national median, led in November by Camden, NJ (median price $200,000, up 14.3%), Detroit ($140,000, +12.0%) and Bakersfield, CA ($249,999, +11.6%). For the first time in five months, the metro area with the 10th-largest price gains in the nation was one with a median price above the national median: Salt Lake City ($345,000, +9.5%).

For the second month in a row, just one of the 85 largest metro areas Redfin tracks saw a year-over-year decline in the median sale price in November: San Jose, where home prices fell 1.1%. In San Jose, prices were still just barely rising a year ago, up 1.6%.

Year-Over-Year Home Price Gains Increased Again in November

Market Summary November 2019 Month-Over-Month Year-Over-Year
Median sale price $311,600 0.0% 5.2%
Homes sold, seasonally-adjusted 269,300 -0.3% 3.0%
New listings, seasonally-adjusted 305,600 -1.0% -5.9%
All Homes for sale 743,600 -9.3% -12.1%
Median days on market 45 1 -2
Months of supply 3.1 0.1 -0.4
Sold above list 20.7% -0.7% 0.8%
Median Off-Market Redfin Estimate $293,000 -4.4% 2.8%
Average Sale-to-list 97.8% 0.1% 0.4%

Nationwide, home sales increased 3.0% year over year in November, the fourth consecutive month of increases, and were down 0.3% from October on a seasonally-adjusted basis.

The markets with the biggest increases in home sales from a year ago were McAllen, TX (14.7%), Anaheim (10.2%), and Virginia Beach (9.2%).

Home Sales Inched Up Year Over Year in November

The supply of homes for sale fell 12.1% year over year, the biggest decline since April 2013 and the fifth straight month of declines. There were fewer homes for sale last month than in any November since at least 2012 (as far back as our current dataset goes). Just six of the 85 largest metros tracked by Redfin posted a year-over-year increase in inventory, led by Knoxville (+12.0%), El Paso (+5.2%) and Honolulu (+2.6%).

Compared to a year ago, the biggest declines in the number of homes for sale were in Salt Lake City (-50.2%), Tacoma, WA (-42.6%) and San Diego (-38.5%).

Home Supply Fell 12% Year Over Year in November

Homes sold in November spent two fewer days on market compared to the prior year. The typical home that sold in November went under contract in 45 days, compared to 47 days in November 2018.

The share of homes sold above list price increased year over year, coming in at 20.7% in November compared to 19.9% a year earlier.

Homes Sold in November Sold 2 Days Faster Than a Year Earlier

Share of Homes Sold Above List Price Rose Slightly Year Over Year in November

Other November Highlights

Competition

Prices

  • Camden had the nation’s highest price growth, rising 14.3% since last year to $200,000. Detroit had the second highest price growth at 12% year over year, followed by Bakersfield, CA (11.6%), Pittsburgh (11.6%), and Oklahoma City (11.5%).
  • Only one metro saw price declines in November: San Jose (-1.1%).

Sales

Inventory

  • Knoxville had the highest increase in the number of homes for sale, up 12.0% year over year, followed by El Paso (5.2%) and Honolulu (2.6%).
  • Salt Lake City had the largest decrease in overall inventory, falling 50.2% since last November. Tacoma (-42.6%), San Diego (-38.5%), and Tulsa (-34.8%) also saw far fewer homes available on the market than a year ago.

Redfin Estimate

  • Miami (86.0%) had the largest share of homes predicted to sell for below list price, according to Redfin Estimate data, followed by neighboring markets West Palm Beach (83.8%) and Fort Lauderdale (83.1%).
  • San Francisco (86.0%) had the largest share of homes for sale predicted to sell at or above list price, followed by Oakland (82.1%) and Tacoma (79.2%).

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750 thousand or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Albany, NY $224,500 4.4% 6.1%
Allentown, PA $210,000 -2.0% 7.7%
Anaheim, CA $720,000 1.4% 2.9%
Atlanta, GA $246,000 0.4% 5.6%
Austin, TX $308,900 -5.0% 3.0%
Bakersfield, CA $250,000 2.0% 11.6%
Baltimore, MD $275,000 -1.4% 4.8%
Baton Rouge, LA $199,900 -4.8% 0.0%
Birmingham, AL $210,000 5.0% 7.7%
Boston, MA $490,000 1.0% 3.2%
Bridgeport, CT $380,000 8.6% 2.7%
Buffalo, NY $159,000 -1.9% 5.0%
Camden, NJ $200,000 2.6% 14.3%
Charlotte, NC $258,000 0.4% 7.0%
Chicago, IL $241,000 0.0% 2.6%
Cincinnati, OH $182,000 1.1% 5.2%
Cleveland, OH $150,000 -4.5% 4.9%
Columbus, OH $210,100 -2.3% 7.7%
Dallas, TX $295,100 0.0% 2.8%
Dayton, OH $140,000 0.1% 8.2%
Denver, CO $415,500 -0.2% 5.2%
Detroit, MI $140,000 0.0% 12.0%
El Paso, TX $170,000 3.0% 9.2%
Elgin, IL $231,000 0.7% 6.9%
Fort Lauderdale, FL $277,000 0.7% 6.5%
Fort Worth, TX $247,100 -1.2% 7.6%
Frederick, MD $420,000 2.9% 5.2%
Fresno, CA $288,800 4.0% 9.4%
Grand Rapids, MI $207,500 -0.1% 8.9%
Greensboro, NC $179,800 -0.1% 2.7%
Greenville, SC $216,000 -0.5% 7.6%
Hartford, CT $221,000 -0.8% 4.2%
Houston, TX $243,000 1.2% 3.4%
Indianapolis, IN $185,900 -2.1% 6.2%
Jacksonville, FL $233,600 -1.3% 3.8%
Kansas City, MO $220,000 0.5% 2.4%
Knoxville, TN $217,200 2.0% 7.0%
Lake County, IL $230,900 0.8% 10.2%
Las Vegas, NV $289,000 -0.3% 4.0%
Los Angeles, CA $639,000 -0.5% 2.2%
Louisville, KY $190,000 -2.6% 2.7%
McAllen, TX $160,000 -3.0% 6.7%
Memphis, TN $179,000 0.6% 2.3%
Miami, FL $315,000 1.6% 8.6%
Milwaukee, WI $219,000 -0.5% 9.5%
Minneapolis, MN $280,000 0.0% 4.5%
Montgomery County, PA $320,000 1.6% 4.2%
Nashville, TN $306,500 2.2% 8.1%
Nassau County, NY $457,000 -0.7% 5.1%
New Brunswick, NJ $331,400 1.1% 6.9%
New Haven, CT $212,200 -1.3% 7.2%
New Orleans, LA $234,500 5.2% 9.1%
New York, NY $500,000 0.0% 0.0%
Newark, NJ $360,000 2.9% 6.4%
North Port, FL $280,000 3.7% 2.9%
Oakland, CA $720,000 -3.9% 0.7%
Oklahoma City, OK $184,000 2.2% 11.5%
Omaha, NE $210,000 -2.3% 6.0%
Orlando, FL $255,000 0.0% 3.9%
Oxnard, CA $610,000 -0.8% 4.5%
Philadelphia, PA $218,900 6.8% 10.0%
Phoenix, AZ $285,000 -0.3% 7.5%
Pittsburgh, PA $178,500 5.0% 11.6%
Portland, OR $410,000 1.2% 6.5%
Providence, RI $296,000 2.1% 9.6%
Raleigh, NC $292,800 0.2% 2.7%
Richmond, VA $255,000 -0.8% 4.1%
Riverside, CA $379,000 -1.6% 5.3%
Rochester, NY $150,000 -3.2% 6.7%
Sacramento, CA $413,000 0.7% 5.9%
Salt Lake City, UT $345,000 0.9% 9.5%
San Antonio, TX $225,200 -3.3% 0.1%
San Diego, CA $600,000 1.9% 7.1%
San Francisco, CA $1,375,000 -3.2% 2.9%
San Jose, CA $1,081,500 1.1% -1.1%
Seattle, WA $557,000 -0.5% 1.3%
St. Louis, MO $182,500 -2.1% 4.3%
Tacoma, WA $375,000 1.4% 7.5%
Tampa, FL $238,000 1.3% 4.4%
Tucson, AZ $225,000 -3.4% 3.4%
Tulsa, OK $170,000 -2.6% 0.0%
Honolulu, HI $575,000 -3.1% 0.0%
Virginia Beach, VA $233,000 -0.8% 3.6%
Warren, MI $214,200 -1.4% 7.1%
Washington, DC $414,700 1.1% 6.3%
West Palm Beach, FL $292,000 3.9% 10.0%
Worcester, MA $275,000 -1.7% 5.8%
National $311,600 0.0% 5.2%

Homes Sold

Redfin Metro Homes Sold, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 842 -0.5% -0.1%
Allentown, PA 914 2.0% 1.0%
Anaheim, CA 2,578 1.7% 13.8%
Atlanta, GA 8,944 -0.5% -1.2%
Austin, TX 3,179 1.8% 9.1%
Bakersfield, CA 742 -1.8% 1.3%
Baltimore, MD 3,564 1.1% 2.7%
Baton Rouge, LA 847 -5.2% -0.8%
Boston, MA 3,873 -3.5% -4.9%
Bridgeport, CT 1,001 -4.0% 1.4%
Buffalo, NY 1,037 4.8% 0.4%
Camden, NJ 1,664 1.2% -2.5%
Charlotte, NC 3,794 -1.8% 9.1%
Chicago, IL 7,663 -0.9% -3.3%
Cincinnati, OH 2,660 -2.1% -2.0%
Cleveland, OH 2,464 -0.8% 3.0%
Columbus, OH 2,589 1.5% 2.9%
Dallas, TX 5,580 -0.9% 4.1%
Dayton, OH 1,006 -0.1% -0.2%
Denver, CO 4,602 -3.0% 5.1%
Detroit, MI 1,703 -3.7% -6.0%
El Paso, TX 705 -0.4% 7.4%
Elgin, IL 938 1.4% -2.1%
Fort Lauderdale, FL 2,903 0.8% -7.2%
Fort Worth, TX 2,871 -1.7% 1.4%
Frederick, MD 1,469 -2.2% 0.4%
Fresno, CA 762 -3.8% -3.7%
Grand Rapids, MI 1,379 1.8% 8.9%
Greensboro, NC 842 -4.1% 10.1%
Greenville, SC 1,073 -5.9% -0.7%
Hartford, CT 1,299 -2.0% 0.1%
Houston, TX 7,596 -0.5% 5.2%
Indianapolis, IN 3,006 1.1% 2.8%
Jacksonville, FL 2,385 -0.6% -3.5%
Kansas City, MO 2,934 -1.0% -2.1%
Knoxville, TN 1,207 0.2% -6.5%
Lake County, IL 1,023 -2.1% -3.7%
Las Vegas, NV 3,452 -0.9% 7.0%
Los Angeles, CA 5,992 2.6% 13.3%
Louisville, KY 1,408 4.3% 11.0%
McAllen, TX 299 1.9% 19.9%
Memphis, TN 1,093 -0.8% 0.4%
Miami, FL 2,446 -3.3% -4.5%
Milwaukee, WI 1,779 -0.9% -0.3%
Minneapolis, MN 5,103 -0.2% 2.3%
Montgomery County, PA 2,203 -2.1% -7.9%
Nashville, TN 3,448 -4.2% 9.4%
Nassau County, NY 2,586 -1.5% -3.4%
New Brunswick, NJ 3,189 3.1% 4.3%
New Haven, CT 907 5.0% 7.4%
New Orleans, LA 1,227 -4.5% -1.5%
New York, NY 4,416 0.0% -4.8%
Newark, NJ 2,080 -1.7% -4.5%
North Port, FL 1,946 -1.3% 7.7%
Oakland, CA 2,178 -0.6% -2.1%
Oklahoma City, OK 1,932 0.1% 10.4%
Omaha, NE 1,172 0.8% 4.4%
Orlando, FL 4,009 2.8% 4.7%
Oxnard, CA 735 -1.5% 13.4%
Philadelphia, PA 2,119 1.1% -9.0%
Phoenix, AZ 8,515 1.8% 12.7%
Pittsburgh, PA 2,155 5.2% 4.4%
Portland, OR 3,080 -1.4% 3.6%
Providence, RI 1,793 1.3% 0.4%
Raleigh, NC 2,343 -1.6% 5.8%
Richmond, VA 1,634 1.2% 6.5%
Riverside, CA 4,723 0.4% 6.3%
Rochester, NY 1,062 1.1% 0.0%
Sacramento, CA 2,606 -0.1% 1.7%
Salt Lake City, UT 1,541 -1.1% -3.7%
San Antonio, TX 2,767 -1.0% 1.1%
San Diego, CA 3,015 1.4% 8.7%
San Francisco, CA 899 2.6% 1.4%
San Jose, CA 1,205 2.5% 4.3%
Seattle, WA 3,941 1.8% 8.2%
St. Louis, MO 3,418 0.8% -0.2%
Tacoma, WA 1,280 -2.1% -5.5%
Tampa, FL 5,409 0.4% 3.6%
Tucson, AZ 1,494 -0.1% 6.9%
Tulsa, OK 1,181 -2.5% 6.6%
Honolulu, HI 759 -1.1% 5.7%
Virginia Beach, VA 2,326 -0.8% 13.3%
Warren, MI 3,372 0.5% -0.4%
Washington, DC 5,882 -3.0% -5.9%
West Palm Beach, FL 2,707 0.6% -3.7%
Worcester, MA 1,014 -6.8% -0.7%
National 269,300 -0.3% 3.0%

New Listings

Redfin Metro New Listings, seasonally adjusted Month-Over-Month Year-Over-Year
Albany, NY 936 -10.2% -14.8%
Allentown, PA 823 -4.8% -22.6%
Anaheim, CA 2,444 -4.5% -19.5%
Atlanta, GA 10,319 -0.3% -4.1%
Austin, TX 3,538 -1.0% 5.3%
Bakersfield, CA 918 1.8% 3.5%
Baltimore, MD 4,279 -0.5% -0.2%
Baton Rouge, LA 868 2.3% -21.2%
Boston, MA 4,589 -8.8% -13.1%
Bridgeport, CT 1,225 -10.6% -6.1%
Buffalo, NY 1,115 -5.5% -3.9%
Camden, NJ 1,968 -0.8% -8.0%
Charlotte, NC 4,049 -1.4% -2.2%
Chicago, IL 10,038 -2.0% -4.5%
Cincinnati, OH 2,991 1.5% 0.7%
Cleveland, OH 2,805 -3.5% -5.7%
Columbus, OH 2,827 -2.6% -0.2%
Dallas, TX 7,085 -1.3% -0.2%
Dayton, OH 1,115 -2.6% -0.3%
Denver, CO 4,887 -1.8% -6.1%
Detroit, MI 2,186 -4.4% -11.1%
El Paso, TX 821 -8.3% 0.0%
Elgin, IL 1,163 -1.1% -2.1%
Fort Lauderdale, FL 3,648 3.3% -9.5%
Fort Worth, TX 3,407 -3.9% -3.7%
Frederick, MD 1,783 2.6% 8.5%
Fresno, CA 899 7.1% 3.2%
Grand Rapids, MI 1,436 -7.1% -1.6%
Greensboro, NC 703 1.8% -15.6%
Greenville, SC 1,245 1.8% -0.1%
Hartford, CT 1,491 -6.6% -0.3%
Houston, TX 9,829 0.3% 3.3%
Indianapolis, IN 3,039 -4.5% 1.4%
Jacksonville, FL 2,722 -8.0% -8.9%
Kansas City, MO 2,796 -5.7% -18.1%
Knoxville, TN 1,315 -1.8% -0.1%
Lake County, IL 1,378 -0.1% 0.8%
Las Vegas, NV 3,660 -3.9% -17.8%
Los Angeles, CA 6,113 -4.3% -19.1%
Louisville, KY 1,489 -2.5% -4.5%
McAllen, TX 452 8.2% 2.2%
Memphis, TN 1,280 0.0% -3.5%
Miami, FL 3,909 -0.1% -7.8%
Milwaukee, WI 1,888 -0.2% -0.4%
Minneapolis, MN 5,543 -0.2% -0.3%
Montgomery County, PA 2,699 2.7% 0.1%
Nashville, TN 4,078 -3.5% 2.7%
Nassau County, NY 3,319 -0.2% -5.5%
New Brunswick, NJ 3,684 -2.3% -5.1%
New Haven, CT 1,042 -2.7% 3.6%
New Orleans, LA 1,438 -0.6% 11.0%
New York, NY 7,571 -1.7% -6.8%
Newark, NJ 2,719 0.0% 0.0%
North Port, FL 2,254 0.3% -3.4%
Oakland, CA 2,372 -1.0% -11.6%
Oklahoma City, OK 2,099 -2.7% 0.0%
Omaha, NE 1,181 -1.6% -2.3%
Orlando, FL 4,559 -2.3% 0.6%
Oxnard, CA 788 0.0% -4.6%
Philadelphia, PA 2,859 -0.4% 2.4%
Phoenix, AZ 8,290 -2.0% -6.6%
Pittsburgh, PA 2,530 3.4% 4.7%
Portland, OR 3,428 -1.4% -5.2%
Providence, RI 2,054 -3.4% -6.6%
Raleigh, NC 2,577 -0.5% -2.6%
Richmond, VA 1,738 -7.3% -4.9%
Riverside, CA 5,012 -1.9% -14.7%
Rochester, NY 1,180 0.2% 0.6%
Sacramento, CA 2,961 2.0% -5.8%
Salt Lake City, UT 1,270 -6.0% -32.6%
San Antonio, TX 3,417 -5.4% -2.3%
San Diego, CA 3,148 -3.7% -10.2%
San Francisco, CA 988 -5.4% -12.1%
San Jose, CA 1,221 -3.9% -16.0%
Seattle, WA 3,845 -1.4% -10.4%
St. Louis, MO 3,133 -3.6% -20.9%
Tacoma, WA 1,255 -5.5% -15.7%
Tampa, FL 5,979 -0.6% -5.2%
Tulsa, OK 1,070 -5.4% -20.7%
Honolulu, HI 888 0.0% -12.1%
Virginia Beach, VA 2,541 0.9% 5.7%
Warren, MI 3,862 -4.0% -8.4%
Washington, DC 6,722 -0.3% -1.4%
West Palm Beach, FL 3,462 -2.2% -6.1%
Worcester, MA 1,254 6.0% 6.9%
National 305,600 -1.0% -5.9%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Albany, NY 2,823 -13.6% -13.2%
Allentown, PA 1,869 -6.4% -30.8%
Anaheim, CA 5,239 -24.0% -34.7%
Atlanta, GA 24,228 -9.1% -9.1%
Austin, TX 6,365 -11.9% -17.9%
Bakersfield, CA 1,724 -7.2% -18.2%
Baltimore, MD 9,801 -10.8% -6.2%
Baton Rouge, LA 3,460 0.3% -10.7%
Birmingham, AL 3,905 -5.6% -11.9%
Boston, MA 8,058 -24.3% -7.5%
Bridgeport, CT 5,134 -13.7% -2.6%
Buffalo, NY 1,955 -15.3% -14.5%
Camden, NJ 5,035 -9.5% -23.9%
Charlotte, NC 9,464 -9.5% -12.0%
Cincinnati, OH 6,840 -8.2% -12.6%
Cleveland, OH 7,348 -10.5% -9.7%
Columbus, OH 5,912 -12.5% 0.2%
Dallas, TX 16,205 -13.5% -7.4%
Dayton, OH 2,319 -9.4% -17.0%
Denver, CO 6,581 -19.0% -13.3%
Detroit, MI 5,404 -8.8% -1.8%
El Paso, TX 2,595 -6.9% 5.2%
Fort Lauderdale, FL 13,296 0.5% -6.9%
Fort Worth, TX 6,689 -12.6% -5.6%
Frederick, MD 3,259 -14.6% -3.9%
Fresno, CA 1,519 -12.1% -18.4%
Grand Rapids, MI 2,474 -13.0% -1.5%
Greensboro, NC 1,785 -2.7% -23.3%
Greenville, SC 3,837 -5.3% 1.9%
Hartford, CT 4,910 -12.6% -6.4%
Houston, TX 25,908 -6.9% -3.3%
Indianapolis, IN 5,400 -12.3% -11.2%
Jacksonville, FL 7,026 -6.8% -13.4%
Knoxville, TN 3,882 -0.3% 12.0%
Las Vegas, NV 9,950 -8.6% -3.5%
Los Angeles, CA 14,017 -16.9% -26.0%
Louisville, KY 3,082 -10.7% -7.1%
McAllen, TX 1,799 -3.3% -8.7%
Memphis, TN 2,706 -7.6% -10.4%
Miami, FL 18,035 -1.5% -5.3%
Milwaukee, WI 4,511 -13.1% -3.7%
Minneapolis, MN 9,276 -16.9% -6.5%
Montgomery County, PA 5,376 -12.5% -12.3%
Nashville, TN 10,514 -4.7% -5.0%
Nassau County, NY 10,051 -9.6% -6.7%
New Brunswick, NJ 10,886 -10.3% -11.7%
New Haven, CT 3,297 -13.0% -10.9%
New Orleans, LA 4,274 -4.9% -5.7%
New York, NY 33,448 -3.6% -9.7%
Newark, NJ 8,020 -9.6% -3.4%
North Port, FL 6,410 1.6% -18.0%
Oakland, CA 2,511 -30.9% -30.3%
Oklahoma City, OK 4,650 -7.9% -15.3%
Omaha, NE 1,838 -12.1% -15.0%
Orlando, FL 9,061 -6.5% -17.0%
Oxnard, CA 1,795 -14.2% -6.9%
Philadelphia, PA 6,600 -9.0% -1.6%
Phoenix, AZ 15,312 -8.8% -25.8%
Pittsburgh, PA 8,232 -7.9% -3.7%
Portland, OR 5,929 -15.1% -18.0%
Providence, RI 5,120 -12.4% -15.2%
Raleigh, NC 5,967 -8.1% -5.3%
Richmond, VA 3,042 -15.1% -12.2%
Riverside, CA 12,172 -13.4% -29.8%
Rochester, NY 1,678 -13.0% -20.2%
Sacramento, CA 4,373 -18.9% -25.6%
Salt Lake City, UT 1,998 -14.2% -50.2%
San Antonio, TX 8,674 -7.2% -1.6%
San Diego, CA 4,911 -19.6% -38.5%
San Francisco, CA 1,522 -27.8% -10.4%
San Jose, CA 1,537 -32.7% -30.0%
Seattle, WA 4,745 -27.9% -33.8%
St. Louis, MO 8,093 -6.0% -24.5%
Tacoma, WA 1,301 -28.1% -42.6%
Tampa, FL 12,097 -5.6% -18.8%
Tulsa, OK 2,543 -2.8% -34.8%
Honolulu, HI 3,479 -2.0% 2.6%
Virginia Beach, VA 5,401 -12.8% -21.4%
Warren, MI 8,557 -12.4% 2.5%
Washington, DC 11,681 -14.7% -15.3%
West Palm Beach, FL 12,781 1.1% -9.4%
Worcester, MA 2,318 -15.8% -11.7%
National 743,600 -9.3% -12.1%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year
Albany, NY $207,900 -6.4% -3.7%
Allentown, PA $216,300 -3.9% 3.2%
Atlanta, GA $230,700 -1.5% 6.6%
Austin, TX $307,300 -4.5% 2.6%
Bakersfield, CA $208,800 -8.7% -2.8%
Baltimore, MD $268,700 0.4% 5.7%
Baton Rouge, LA $152,100 -12.6% 0.6%
Birmingham, AL $142,300 -8.2% -4.6%
Boston, MA $508,600 1.5% 4.2%
Buffalo, NY $156,200 -6.8% -0.6%
Camden, NJ $204,300 -1.0% 6.0%
Charlotte, NC $207,300 -3.2% 1.5%
Chicago, IL $256,100 1.1% 5.5%
Cincinnati, OH $170,000 -5.9% 1.2%
Cleveland, OH $144,400 -3.6% 4.6%
Columbus, OH $198,500 -3.0% 5.8%
Dallas, TX $262,600 -2.5% 2.8%
Dayton, OH $124,000 -2.0% 6.0%
Denver, CO $411,500 -2.0% 0.6%
Detroit, MI $107,600 -4.9% 2.0%
Fort Lauderdale, FL $269,300 -1.5% 2.9%
Fort Worth, TX $224,700 -1.5% 6.0%
Fresno, CA $260,000 -1.9% 2.7%
Grand Rapids, MI $169,700 -2.2% 6.2%
Greenville, SC $173,900 -10.9% 3.6%
Houston, TX $204,900 -5.2% -0.9%
Indianapolis, IN $165,500 -3.7% 3.7%
Jacksonville, FL $216,900 -6.6% 0.6%
Kansas City, MO $184,900 -4.6% -0.3%
Knoxville, TN $178,900 -2.8% 19.6%
Las Vegas, NV $281,300 -0.6% 3.4%
Los Angeles, CA $635,600 -0.8% 0.9%
Louisville, KY $175,600 -1.5% 16.7%
Memphis, TN $145,500 -2.1% 8.3%
Miami, FL $312,100 0.2% 5.8%
Milwaukee, WI $198,500 -1.1% -5.2%
Minneapolis, MN $272,300 -1.4% 5.1%
Montgomery County, PA $323,000 -1.1% 2.1%
Nashville, TN $272,700 -1.0% 10.3%
New Orleans, LA $179,500 -5.7% 5.7%
Newark, NJ $372,600 -3.2% 2.6%
Oakland, CA $767,100 -0.5% -0.4%
Oklahoma City, OK $148,700 -4.6% 5.7%
Omaha, NE $186,000 0.4% 10.0%
Orlando, FL $236,700 -3.4% 3.1%
Oxnard, CA $600,400 -1.6% -0.6%
Philadelphia, PA $189,200 -2.6% -7.0%
Phoenix, AZ $273,300 -3.7% 2.8%
Pittsburgh, PA $143,300 -10.6% -0.9%
Portland, OR $399,400 -1.7% 2.3%
Providence, RI $294,800 -3.4% 0.0%
Raleigh, NC $265,500 -5.3% 0.7%
Richmond, VA $234,400 -1.0% 5.7%
Riverside, CA $350,000 -7.2% -4.0%
Rochester, NY $148,000 -4.2% 3.2%
Sacramento, CA $412,400 -2.1% 2.7%
Salt Lake City, UT $346,100 0.0% 7.1%
San Antonio, TX $194,800 -7.2% 2.1%
San Diego, CA $598,000 -1.3% 0.9%
San Francisco, CA $1,344,800 0.4% -0.8%
San Jose, CA $1,130,000 -1.5% -8.7%
Seattle, WA $559,000 -2.9% -0.8%
St. Louis, MO $161,700 -4.7% 4.1%
Tacoma, WA $360,100 -3.6% 4.6%
Tampa, FL $222,900 -3.8% 3.3%
Tucson, AZ $210,600 -6.7% 2.2%
Tulsa, OK $137,200 -5.2% -1.4%
Warren, MI $210,700 -1.4% -0.5%
Washington, DC $398,300 -0.9% 2.9%
West Palm Beach, FL $274,500 -1.3% 3.6%
Worcester, MA $284,500 -4.5% 0.1%
National $293,000 -4.4% 2.8%

Source: Redfin Blog