Redfin customers requesting home tours, an early indicator of housing market performance, jumped nearly 50 percent from a year ago and the number of newly listed homes for sale rose to the highest level since mid-2013, setting the stage for accelerating growth in the housing market in 2015, according to a Redfin analysis that tracks thousands of homebuyers across the country.
At this time last year, lower growth in tour requests among Redfin customers was followed by negative growth in home sales for the entire U.S. housing market.
More sellers are putting properties on the market, too. The number of homes listed for sale increased 6.3 percent in January from a year earlier. More homes went on the market in January than any other month since August 2013. Why are new listings important? Because sellers are also people who want to buy another home.
The growing supply of homes for sale already has put the brakes on rising prices, a trend we expect to continue. Price growth has slowed every month since November, and we predict median sale prices will rise only 3.5 percent this month, the smallest increase since February 2012, when prices rose 2.9 percent.
If we look at competition as an average across all markets, it seems less intense. Only 15.5 percent of homes sold were purchased for more than the asking price in January, the lowest figure since December 2011. Homes spent a median of 51 days on the market in January compared to 46 days a year earlier. And just 22 percent of homes on the market sold within two weeks, the lowest share since it was at the same percentage in December 2011.
Other January Highlights
Sales
-
Baltimore and San Antonio led the country in home sales growth in January, with year-over-year increases of 18% and 14% respectively.
-
Fewer than a thousand homes sold in all of San Francisco (536 sales) and San Jose (380 sales). For both metro areas this is the lowest number of sales recorded since Redfin began serving customers there in 2006.
New Listings
-
St. Louis had a 56% increase in new listings compared with a year ago. Listing growth there has been strong throughout the past year.
-
San Francisco, Boulder and Oakland had the three largest declines in new listings last month, at 18%, 13% and 12%, respectively. Oakland could run out of homes to buy in six weeks and there was less than three months of supply in Boulder (2.4 months), Denver (2 months) and Seattle (2.6 months). Six months of supply is considered a balanced market.
Prices
-
Fresno, California, saw stronger year-over-year price growth than any other market at 14.2%, along with higher sales and more new listings. The median sale price in Fresno was $211,200 in January.
-
West Palm Beach and Dallas had yearly price growth of 14%, with median sale prices coming in at $203,000 and $193,900 in January, respectively.
Competition
-
In Denver, the median number of days homes spent on the market was 15 — the fewest across all Redfin markets. Last January that number was 57, roughly six weeks longer. Indianapolis was the slowest market, where homes sat for a median of 97 days before selling.
-
In San Jose, 63% of homes sold above list price; that number was 57% in San Francisco and 40% in Oakland. The average across all markets was 16%.
Median Sale Price
| Metro | Median Sale Price | Month-over- Month |
Year-over- Year |
|---|---|---|---|
| Atlanta, GA | $164,900 | -6.4% |
11.5%
|
| Austin, TX | $240,000 | -3.2% |
10.0%
|
| Baltimore, MD | $210,000 | -9.5% |
-0.9%
|
| Boston, MA | $342,200 | -0.8% |
4.7%
|
| Boulder, CO | $359,100 | -2.9% |
-1.6%
|
| Charlotte, NC | $171,800 | -9.3% |
1.1%
|
| Chicago, IL | $175,000 | -4.4% |
7.4%
|
| Dallas-Fort Worth, TX | $193,900 | -5.4% |
14.1%
|
| Denver, CO | $280,000 | -1.8% |
12.0%
|
| Detroit, MI | $75,900 | 1.2% |
NA
|
| Fort Lauderdale, FL | $177,000 | -8.3% |
10.6%
|
| Fresno, CA | $211,200 | 4.1% |
14.2%
|
| Hampton Roads, VA | $185,300 | -7.3% |
3.0%
|
| Houston, TX | $192,500 | -10.5% |
7.6%
|
| Hudson Valley, NY | $385,000 | -3.3% |
-1.3%
|
| Indianapolis, IN | $130,000 | -6.2% |
0.1%
|
| Jacksonville, FL | $151,600 | -14.6% |
12.3%
|
| Las Vegas, NV | $185,000 | -2.4% |
9.2%
|
| Long Island, NY | $375,000 | 1.4% |
4.2%
|
| Los Angeles, CA | $470,000 | -1.1% |
9.3%
|
| Memphis, TN | $135,000 | -7.9% |
12.5%
|
| Miami, FL | $218,000 | -3.1% |
6.3%
|
| Minneapolis-St. Paul, MN | $194,900 | -2.5% |
8.3%
|
| Nashville, TN | $212,000 | -0.4% |
9.0%
|
| Oakland, CA | $481,800 | -8.2% |
5.0%
|
| Orange County, CA | $544,000 | -2.0% |
3.6%
|
| Orlando, FL | $159,900 | -5.9% |
6.6%
|
| Philadelphia, PA | $219,900 | -1.6% |
2.3%
|
| Phoenix, AZ | $197,900 | -1.6% |
5.8%
|
| Portland, OR | $269,500 | -3.7% |
5.7%
|
| Providence, RI | $208,500 | 1.7% |
6.9%
|
| Raleigh-Durham, NC | $205,000 | -3.9% |
-2.4%
|
| Richmond, VA | $187,800 | -10.2% |
1.8%
|
| Riverside-San Bernardino, CA | $272,000 | -6.2% |
2.6%
|
| Sacramento, CA | $276,800 | -6.2% |
4.4%
|
| San Antonio, TX | $177,000 | -0.1% |
12.0%
|
| San Diego, CA | $449,000 | 2.0% |
10.9%
|
| San Francisco, CA | $864,000 | -2.4% |
7.7%
|
| San Jose, CA | $740,000 | 5.9% |
10.4%
|
| Seattle, WA | $360,000 | -1.4% |
9.1%
|
| St. Louis, MO | $142,900 | -8.7% |
5.9%
|
| Tacoma, WA | $220,000 | -3.9% |
3.7%
|
| Tampa, FL | $137,000 | -12.2% |
3.0%
|
| Tucson, AZ | $164,000 | -3.0% |
0.6%
|
| Ventura County, CA | $490,000 | 1.0% |
6.5%
|
| Washington, DC | $344,700 | -7.6% |
1.8%
|
| West Palm Beach, FL | $203,000 | -3.3% |
14.1%
|
| Overall | $260,900 | -4.3% |
3.8%
|
Homes Sold
| Metro | Homes Sold | Month-over- Month |
Year-over- Year |
|---|---|---|---|
| Atlanta, GA | 3,761 | -31.7% |
0.3%
|
| Austin, TX | 1,478 | -35.3% |
2.6%
|
| Baltimore, MD | 1,890 | -35.0% |
18.1%
|
| Boston, MA | 3,004 | -37.2% |
-7.0%
|
| Boulder, CO | 236 | -36.0% |
6.3%
|
| Charlotte, NC | 1,698 | -28.4% |
3.5%
|
| Chicago, IL | 5,656 | -29.9% |
-4.3%
|
| Dallas-Fort Worth, TX | 4,225 | -36.5% |
-7.0%
|
| Denver, CO | 2,505 | -37.0% |
-2.1%
|
| Detroit, MI | 162 | -14.7% |
NA
|
| Fort Lauderdale, FL | 2,149 | -22.2% |
-8.9%
|
| Fresno, CA | 481 | -31.7% |
2.3%
|
| Hampton Roads, VA | 1,114 | -31.2% |
7.6%
|
| Houston, TX | 3,938 | -38.8% |
-1.7%
|
| Hudson Valley, NY | 714 | -30.5% |
-9.6%
|
| Indianapolis, IN | 1,439 | -34.3% |
9.4%
|
| Jacksonville, FL | 1,288 | -32.6% |
-5.2%
|
| Las Vegas, NV | 2,211 | -17.7% |
-12.1%
|
| Long Island, NY | 1,469 | -25.6% |
-5.4%
|
| Los Angeles, CA | 3,908 | -27.6% |
-6.8%
|
| Memphis, TN | 613 | -28.5% |
-12.7%
|
| Miami, FL | 2,504 | -2.6% |
-6.9%
|
| Minneapolis-St. Paul, MN | 2,351 | -32.3% |
-8.9%
|
| Nashville, TN | 1,553 | -33.3% |
9.7%
|
| Oakland, CA | 1,477 | -31.1% |
-0.7%
|
| Orange County, CA | 1,690 | -25.3% |
1.6%
|
| Orlando, FL | 2,463 | -28.4% |
8.3%
|
| Philadelphia, PA | 2,310 | -33.3% |
0.2%
|
| Phoenix, AZ | 4,575 | -26.7% |
-1.1%
|
| Portland, OR | 1,905 | -33.3% |
3.8%
|
| Providence, RI | 639 | -32.2% |
2.6%
|
| Raleigh-Durham, NC | 1,518 | -30.9% |
-0.7%
|
| Richmond, VA | 817 | -24.7% |
7.2%
|
| Riverside-San Bernardino, CA | 3,297 | -19.8% |
-7.4%
|
| Sacramento, CA | 1,572 | -32.4% |
-6.5%
|
| San Antonio, TX | 1,328 | -24.0% |
13.9%
|
| San Diego, CA | 1,866 | -31.7% |
-10.2%
|
| San Francisco, CA | 536 | -39.7% |
-34.0%
|
| San Jose, CA | 380 | -47.9% |
-58.2%
|
| Seattle, WA | 2,150 | -35.3% |
0.7%
|
| St. Louis, MO | 1,362 | -35.5% |
-2.7%
|
| Tacoma, WA | 696 | -27.0% |
6.4%
|
| Tampa, FL | 3,216 | -32.3% |
7.8%
|
| Tucson, AZ | 739 | -27.8% |
-8.2%
|
| Ventura County, CA | 485 | -26.6% |
6.8%
|
| Washington, DC | 4,084 | -34.1% |
4.0%
|
| West Palm Beach, FL | 1,942 | -26.8% |
-4.9%
|
| Overall | 81,029 | -30.7% |
-2.2%
|
New Listings
| Metro | New Listings | Month-over- Month |
Year-over- Year |
|---|---|---|---|
| Atlanta, GA | 8,282 | 54.5% |
15.8%
|
| Austin, TX | 2,443 | 62.3% |
3.1%
|
| Baltimore, MD | 3,627 | 35.1% |
14.2%
|
| Boston, MA | 4,895 | 55.4% |
4.1%
|
| Boulder, CO | 365 | 58.7% |
-12.9%
|
| Chicago, IL | 12,463 | 61.6% |
14.8%
|
| Dallas-Fort Worth, TX | 7,506 | 47.6% |
-6.4%
|
| Denver, CO | 3,667 | 60.7% |
-0.2%
|
| Detroit, MI | 2,284 | 14.5% |
NA
|
| Fort Lauderdale, FL | 1,463 | 33.4% |
12.8%
|
| Fresno, CA | 964 | 48.3% |
19.5%
|
| Hampton Roads, VA | 2,957 | 73.3% |
17.9%
|
| Houston, TX | 8,217 | 48.6% |
11.4%
|
| Hudson Valley, NY | 1,384 | 108.1% |
-3.1%
|
| Indianapolis, IN | 2,540 | 41.6% |
22.5%
|
| Jacksonville, FL | 2,677 | 47.3% |
7.9%
|
| Las Vegas, NV | 4,289 | 51.4% |
4.5%
|
| Long Island, NY | 3,114 | 69.7% |
-0.6%
|
| Los Angeles, CA | 8,217 | 82.0% |
8.8%
|
| Memphis, TN | 1,270 | 45.0% |
29.1%
|
| Miami, FL | 2,476 | 37.9% |
10.2%
|
| Minneapolis-St. Paul, MN | 4,438 | 73.8% |
-0.2%
|
| Nashville, TN | 3,285 | 52.1% |
5.1%
|
| Oakland, CA | 2,043 | 83.2% |
-12.2%
|
| Orange County, CA | 3,646 | 94.7% |
15.0%
|
| Orlando, FL | 4,850 | 43.4% |
10.3%
|
| Philadelphia, PA | 4,728 | 59.0% |
7.6%
|
| Phoenix, AZ | 10,020 | 79.9% |
-5.7%
|
| Portland, OR | 3,393 | 73.6% |
4.4%
|
| Providence, RI | 1,227 | 51.9% |
-2.2%
|
| Raleigh-Durham, NC | 2,750 | 58.0% |
NA
|
| Richmond, VA | 1,897 | 72.5% |
15.4%
|
| Riverside-San Bernardino, CA | 7,668 | 58.5% |
15.1%
|
| Sacramento, CA | 144 | 56.5% |
-7.1%
|
| San Antonio, TX | 2,251 | 33.7% |
7.7%
|
| San Diego, CA | 4,076 | 81.6% |
-6.7%
|
| San Francisco, CA | 1,015 | 129.6% |
-17.8%
|
| San Jose, CA | 1,094 | 92.9% |
-7.8%
|
| Seattle, WA | 3,509 | 77.4% |
-1.2%
|
| St. Louis, MO | 3,006 | 75.8% |
55.8%
|
| Tacoma, WA | 1,180 | 51.7% |
-0.5%
|
| Tampa, FL | 6,290 | 34.9% |
2.2%
|
| Tucson, AZ | 2,076 | 82.7% |
1.0%
|
| Ventura County, CA | 965 | 88.5% |
17.5%
|
| Washington, DC | 7,054 | 47.9% |
4.9%
|
| West Palm Beach, FL | 4,651 | 46.6% |
5.6%
|
| Overall | 167,322 | 59.1% |
6.2%
|
Inventory
| Metro | Inventory | Month-over- Month |
Year-over- Year |
|---|---|---|---|
| Atlanta, GA | 21,688 | -5.4% |
0.8%
|
| Austin, TX | 4,946 | -6.0% |
8.1%
|
| Baltimore, MD | 12,489 | -5.0% |
9.2%
|
| Boston, MA | 16,187 | -6.8% |
-0.2%
|
| Boulder, CO | 558 | -14.7% |
-29.7%
|
| Chicago, IL | 39,799 | 4.8% |
20.7%
|
| Dallas-Fort Worth, TX | 13,904 | -2.0% |
-16.9%
|
| Denver, CO | 5,035 | 4.8% |
-21.2%
|
| Fresno, CA | 1,956 | -4.4% |
17.5%
|
| Hampton Roads, VA | 9,541 | 1.1% |
7.3%
|
| Houston, TX | 16,019 | 3.0% |
-0.2%
|
| Hudson Valley, NY | 7,658 | -71.6% |
-70.9%
|
| Indianapolis, IN | 14,061 | -1.8% |
-10.3%
|
| Jacksonville, FL | 8,161 | -1.6% |
-30.4%
|
| Las Vegas, NV | 15,251 | -0.5% |
-6.9%
|
| Long Island, NY | 14,288 | -1.5% |
0.8%
|
| Los Angeles, CA | 13,636 | 7.5% |
18.8%
|
| Memphis, TN | 4,573 | -0.0% |
71.1%
|
| Miami, FL | 7,777 | 2.0% |
7.9%
|
| Minneapolis-St. Paul, MN | 12,056 | -13.1% |
-8.7%
|
| Nashville, TN | 7,758 | -5.5% |
-14.2%
|
| Oakland, CA | 2,242 | 3.9% |
-11.3%
|
| Orange County, CA | 6,607 | 16.0% |
44.1%
|
| Orlando, FL | 14,525 | -3.5% |
-3.8%
|
| Philadelphia, PA | 18,760 | -2.6% |
-0.4%
|
| Phoenix, AZ | 25,014 | 8.8% |
-4.1%
|
| Portland, OR | 6,896 | -8.2% |
-17.4%
|
| Providence, RI | 4,684 | -2.3% |
3.5%
|
| Raleigh-Durham, NC | 10,256 | 4.8% |
NA
|
| Richmond, VA | 4,860 | -5.7% |
8.4%
|
| Riverside-San Bernardino, CA | 17,829 | 7.8% |
43.6%
|
| San Antonio, TX | 6,491 | -3.0% |
10.0%
|
| San Diego, CA | 6,541 | -2.5% |
-7.1%
|
| San Francisco, CA | 1,419 | 15.6% |
-5.5%
|
| San Jose, CA | 2,154 | 7.0% |
55.9%
|
| Seattle, WA | 5,605 | -9.4% |
-21.0%
|
| St. Louis, MO | 9,891 | 13.6% |
44.4%
|
| Tacoma, WA | 3,022 | -8.1% |
-14.6%
|
| Tampa, FL | 21,313 | -1.0% |
-8.4%
|
| Tucson, AZ | 6,171 | 9.5% |
13.9%
|
| Ventura County, CA | 1,645 | 2.4% |
7.9%
|
| Washington, DC | 16,583 | -5.7% |
8.7%
|
| West Palm Beach, FL | 14,385 | 9.6% |
3.1%
|
| Overall | 443,978 | -4.2% |
-2.4%
|
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