Home Prices Up 0.6% in February—Smallest Year-Over-Year Gain Since March 2012 - Redfin Real Estate News

Home Prices Up 0.6% in February—Smallest Year-Over-Year Gain Since March 2012

by and
Updated on October 28th, 2020

Prices fell more than 8 percent in San Francisco and San Jose, up over 10 percent in Newark, Milwaukee and Buffalo.

U.S. home-sale prices increased just 0.6 percent in February compared to a year ago, to a median of $287,400 across the metros Redfin tracks. This is the smallest year-over-year price increase recorded since prices stopped falling year-over-year in March 2012.

Market Summary February 2019 Month-Over-Month Year-Over-Year
Median sale price $287,400 1.0% 0.6%
Homes sold 189,100 3.3% 1.9%
New listings 273,500 0.3% -4.8%
All Homes for sale 760,800 0.0% 2.9%
Median days on market 59 2 2
Months of supply 4 -0.2 0
Sold above list 17.8% 0.9% -3.7%
Median Off-Market Redfin Estimate $298,400 -0.1% 5.2%
Average Sale-to-list 97.7% 0.4% 0.0%

“When home prices are going up quickly, buyers feel like they are forced to move fast and purchase a home before prices rise even more. Now that home prices are growing slower than inflation (prices for consumer goods were up 1.5% annually in February), there really isn’t much downside to taking your time,” said Redfin chief economist Daryl Fairweather. “And now that mortgage rates are no longer going up every week, buyers in many markets have the luxury of knowing that whether they buy now or later they will pay about the same for a home.”

Year-Over-Year Price Growth at Lowest Level Since 2012

Home prices fell year over year in just 10 of the 85 largest metro areas Redfin tracks:

Home Sales Edge Back Into the Black Year-Over-Year

Completed home sales rose nationally for the first time in seven months and only the third time in the past 12 months in February, up 1.9 percent from a year earlier. Growth in home sales has see-sawed above and below zero, but the overall trend has been falling since late 2016. February may be the start of a reversal in this trend. Home sales fell in 41 of the 85 largest metro areas that Redfin tracks.
The number of homes for sale at the end of the month was up 2.9 percent from a year earlier in February. The number of homes newly listed for sale fell from February 2018 (-4.8%).

Year-Over-Year Growth in Homes for Sale Dipped in February

Of the 85 largest metro areas Redfin tracks, 49 saw an increase in the number of homes for sale compared to a year earlier, with the largest gains coming in Seattle (+101.2%) and San Jose (+82.1%). Months of supply (inventory divided by monthly sales) is still very low in both these markets—1.9 in Seattle and 2.5 in San Jose, giving sellers a clear upper hand. A market that is balanced between buyers and sellers typically has between four and six months of supply.
The metro areas with the biggest declines in homes for sale were New Orleans (-35.0%) and St. Louis (-23.8%).
Home-selling speeds, which reached a record-fast median pace of 35 days on market last May, slowed year-over-year again in February. The typical home that sold in February went under contract in a median of 59 days, two days longer than a year earlier.
“Because homes are sitting on the market longer and the market is less competitive than last year, first-time homebuyers now have a better chance of winning a home,” said Fairweather. “That could mean more potential buyers in the spring. Home sales are already rebounding this month, and that trend may continue now that the market is more balanced.”
In February, 17.8 percent of homes sold above the list price, down from 21.5 percent in February 2018, but up slightly from January. Meanwhile 20.5 percent of homes on the market in February had a price drop, up from February 2018’s share of 18.1 percent. The share of homes that went under contract within two weeks inched up to 15.4 percent in February, up just barely from the February 2018 level of 15.3 percent.

Other February Highlights

Competition

  • Oakland, CA was the fastest market, with half of all homes pending sale in just 18 days, up from 13 days a year earlier. San Francisco and Denver were the next fastest markets with 22 and 27 median days on market, followed by Grand Rapids, MI (28) and Tacoma, WA (30). This marks a stark change from January, when Buffalo (now the 17th fastest with a median 42 days on market), Grand Rapids and Omaha (now the 7th fastest with a median 33 days on market) were the nation’s fastest housing markets.
  • The most competitive market in February was San Francisco where 61.0% of homes sold above list price, followed by 49.1% in Oakland, CA, 46.0% in San Jose, CA, 40.4% in Tacoma, WA, and 30.8% in Salt Lake City.

Prices

  • Newark, NJ had the nation’s highest price growth, rising 12.2% since last year to $330,000. Milwaukee had the second highest growth at 11.8% year-over-year price growth, followed by Buffalo, NY (11.7%), Cincinnati (11.3%), and Grand Rapids, MI (9.6%).
  • 10 metros saw price declines in February. Bridgeport, CT declined the most since last year falling 15.2 percent to $335,000.

Sales

  • Grand Rapids, MI led the nation in year-over-year sales growth, up 32.8%, followed by Baltimore, up 28.2%. Tampa, FL rounded out the top three with sales up 26.4% from a year ago.
  • Fresno, CA saw the largest decline in sales since last year, falling 29.3%. Home sales in Buffalo, NY and Orange County, CA declined by 26.3% and 18.5%, respectively.

Inventory

  • Seattle had the highest increase in the number of homes for sale, up 101% year over year, followed by San Jose, CA (82%) and Oxnard, CA (48%).
  • New Orleans had the largest decrease in overall inventory, falling 35% since last February. St. Louis (-24%), Rochester, NY (-23%), and Camden, NJ (-21%) also saw far fewer homes available on the market than a year ago.

Redfin Estimate

  • The median list price-to-Redfin Estimate ratio was 95.0% in San Francisco, the lowest of any market. Only 12.3% of homes in San Francisco were listed for more than their Redfin Estimate.
  • Conversely, the median list price-to-Redfin Estimate ratio was 102.3% in Miami and 102.3% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas.

New this month: You can now generate a downloadable/printable summary of your local housing market stats in the Redfin Data Center. Here’s the national view:

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 $202,000 0.0% 7.9%
Allentown, PA $185,000 0.1% 8.8%
Atlanta, GA $234,800 2.9% 8.3%
Austin, TX $295,800 0.3% -0.3%
Bakersfield, CA $230,500 -0.2% 2.4%
Baltimore, MD $250,000 2.0% 2.9%
Baton Rouge, LA $199,900 3.0% 2.5%
Birmingham, AL $189,400 5.1% 1.3%
Boston, MA $451,700 -3.9% 3.1%
Bridgeport, CT $335,000 -6.2% -15.2%
Buffalo, NY $145,200 3.7% 11.7%
Camden, NJ $172,000 1.2% 9.6%
Charlotte, NC $235,100 2.2% 4.7%
Chicago, IL $230,000 3.1% 2.7%
Cincinnati, OH $177,400 7.5% 11.3%
Cleveland, OH $139,000 0.7% 5.7%
Columbus, OH $195,000 3.0% 8.4%
Dallas, TX $285,000 5.2% -0.4%
Dayton, OH $129,000 13.9% 7.9%
Denver, CO $399,900 1.4% 0.5%
Detroit, MI $125,000 4.2% 8.7%
El Paso, TX $163,000 8.0% 8.0%
Fort Lauderdale, FL $260,000 6.5% 7.0%
Fort Worth, TX $235,000 2.6% 4.4%
Fresno, CA $260,000 -1.9% -1.2%
Grand Rapids, MI $194,000 -0.5% 9.6%
Greenville, SC $200,000 -3.7% 5.3%
Hampton Roads, VA $220,000 4.8% 1.4%
Hartford, CT $195,500 -0.3% 0.8%
Honolulu, HI $543,000 -8.9% -2.2%
Houston, TX $232,000 3.6% 2.8%
Indianapolis, IN $170,000 3.0% 1.7%
Jacksonville, FL $222,000 5.7% 0.9%
Kansas City, MO $200,000 -4.3% 5.3%
Knoxville, TN $186,800 1.0% 1.0%
Las Vegas, NV $275,000 -1.8% 7.2%
Long Island, NY $445,000 2.7% 7.5%
Los Angeles, CA $600,000 1.7% 0.8%
Louisville, KY $182,000 0.0% 7.1%
McAllen, TX $149,200 -1.6% 2.9%
Memphis, TN $166,000 6.4% 8.3%
Miami, FL $295,000 1.9% 5.4%
Milwaukee, WI $190,000 -1.0% 11.8%
Minneapolis, MN $265,000 3.7% 8.2%
Montgomery County, PA $284,200 -4.0% 0.8%
Nashville, TN $279,000 -1.8% 1.5%
New Haven, CT $199,000 7.6% 7.6%
New Orleans, LA $210,000 6.0% 8.0%
New York, NY $380,000 -3.8% -1.3%
Newark, NJ $330,000 1.7% 12.2%
Oakland, CA $700,000 6.1% 5.6%
Oklahoma City, OK $173,800 3.8% 8.7%
Omaha, NE $190,000 -2.6% 5.6%
Orange County, CA $678,500 -0.9% -2.4%
Orlando, FL $249,400 3.9% 6.1%
Oxnard, CA $575,000 -0.9% 0.0%
Philadelphia, PA $189,900 0.3% 5.5%
Phoenix, AZ $267,000 0.4% 4.1%
Pittsburgh, PA $155,000 4.0% 4.1%
Portland, OR $390,000 2.6% 3.0%
Providence, RI $255,000 -1.9% 4.1%
Raleigh, NC $286,000 4.0% 4.0%
Richmond, VA $232,200 -0.9% 2.5%
Riverside, CA $366,000 2.2% 3.7%
Rochester, NY $131,000 0.8% 4.8%
Sacramento, CA $385,000 4.3% 2.4%
Salt Lake City, UT $320,000 0.0% 5.3%
San Antonio, TX $218,000 1.6% 4.8%
San Diego, CA $561,000 1.1% 2.2%
San Francisco, CA $1,280,000 3.9% -7.9%
San Jose, CA $1,040,000 1.5% -11.3%
Seattle, WA $547,300 5.3% 3.3%
St. Louis, MO $165,000 -4.6% 0.0%
Tacoma, WA $357,400 5.8% 8.3%
Tampa, FL $225,000 2.3% 7.1%
Tucson, AZ $215,100 0.1% 3.9%
Tulsa, OK $158,000 1.9% -1.2%
Warren, MI $190,000 1.1% 4.7%
Washington, DC $379,900 1.3% 2.7%
West Palm Beach, FL $273,600 5.2% 6.1%
Worcester, MA $245,000 0.0% 3.4%
National $287,400 1.0% 0.6%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Albany, NY 527 -16.5% 10.7%
Allentown, PA 601 -9.9% 14.3%
Atlanta, GA 6,624 -1.2% -3.4%
Austin, TX 2,102 23.3% -3.5%
Bakersfield, CA 486 -9.2% -14.6%
Baltimore, MD 2,966 -8.4% 28.2%
Baton Rouge, LA 739 33.9% 5.9%
Birmingham, AL 1,146 37.6% 12.0%
Boston, MA 2,294 -15.4% 7.4%
Bridgeport, CT 596 -10.8% -0.2%
Buffalo, NY 530 -25.0% -26.3%
Camden, NJ 1,578 -10.2% 21.4%
Charlotte, NC 2,469 11.1% 1.9%
Chicago, IL 5,475 4.0% -0.3%
Cincinnati, OH 1,436 11.7% 10.2%
Cleveland, OH 1,528 -1.5% 3.9%
Columbus, OH 1,952 13.6% 21.8%
Dallas, TX 3,822 21.3% -11.4%
Dayton, OH 757 4.6% 21.5%
Denver, CO 3,577 14.5% 20.4%
Detroit, MI 1,165 -44.1% -17.6%
El Paso, TX 491 -2.4% 0.8%
Fort Lauderdale, FL 2,113 -2.1% -9.6%
Fort Worth, TX 2,155 24.6% -5.6%
Fresno, CA 444 -17.0% -29.3%
Grand Rapids, MI 964 7.5% 32.8%
Greenville, SC 951 59.6% 24.5%
Hampton Roads, VA 1,693 12.6% 20.2%
Hartford, CT 735 -14.0% 0.8%
Honolulu, HI 517 -9.9% -12.7%
Houston, TX 5,256 26.1% -6.0%
Indianapolis, IN 1,814 13.3% -9.0%
Jacksonville, FL 1,927 3.7% 15.7%
Kansas City, MO 1,824 5.1% -9.4%
Knoxville, TN 845 -3.2% 1.2%
Las Vegas, NV 2,443 4.8% -6.1%
Long Island, NY 2,092 -31.2% 3.5%
Los Angeles, CA 3,765 0.8% -13.7%
Louisville, KY 983 -0.6% 8.0%
McAllen, TX 210 10.5% -2.3%
Memphis, TN 949 12.3% 16.6%
Miami, FL 2,114 -5.8% 12.3%
Milwaukee, WI 1,157 18.3% 24.8%
Minneapolis, MN 3,475 -1.8% 25.3%
Montgomery County, PA 1,282 -19.5% 6.0%
Nashville, TN 2,496 11.1% 12.2%
New Haven, CT 545 -12.9% -4.2%
New Orleans, LA 1,030 19.5% 12.1%
New York, NY 5,941 -18.9% 4.8%
Newark, NJ 1,700 -16.3% -2.7%
Oakland, CA 1,373 8.5% -6.2%
Oklahoma City, OK 1,386 13.5% 15.8%
Omaha, NE 705 10.8% -0.3%
Orange County, CA 1,510 3.1% -18.5%
Orlando, FL 3,420 15.9% 20.5%
Oxnard, CA 485 6.8% -1.8%
Philadelphia, PA 1,230 -21.6% -13.3%
Phoenix, AZ 6,199 20.1% -10.2%
Pittsburgh, PA 1,411 -6.3% 14.5%
Portland, OR 2,231 11.8% -7.8%
Providence, RI 1,008 -16.7% -5.9%
Raleigh, NC 1,661 22.9% 15.5%
Richmond, VA 1,078 3.7% 1.6%
Riverside, CA 3,223 1.0% -12.8%
Rochester, NY 568 -21.2% -8.4%
Sacramento, CA 1,667 5.6% -13.6%
Salt Lake City, UT 1,070 11.1% -14.0%
San Antonio, TX 1,819 9.4% -1.7%
San Diego, CA 2,060 12.6% -11.7%
San Francisco, CA 587 20.8% -10.8%
San Jose, CA 733 17.5% -12.5%
Seattle, WA 2,678 20.0% -6.5%
St. Louis, MO 2,254 3.3% -1.3%
Tacoma, WA 913 9.7% -15.2%
Tampa, FL 4,702 16.0% 26.4%
Tucson, AZ 1,068 8.8% -10.8%
Tulsa, OK 806 11.6% 4.1%
Warren, MI 2,628 -3.5% 25.3%
Washington, DC 5,425 -9.1% 2.1%
West Palm Beach, FL 1,868 -2.5% -14.4%
Worcester, MA 622 -11.8% 12.7%
National 189,100 3.3% 1.9%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Albany, NY 647 -10.4% -12.7%
Albuquerque, NM 1,050 1.8% -13.3%
Allentown, PA 804 -4.5% -5.5%
Atlanta, GA 9,492 3.8% 8.7%
Austin, TX 3,038 7.7% -2.3%
Bakersfield, CA 830 -5.3% -11.5%
Baltimore, MD 3,581 12.9% -6.5%
Baton Rouge, LA 1,026 -0.4% -11.6%
Birmingham, AL 1,348 3.2% -10.0%
Boston, MA 3,800 3.8% -5.9%
Bridgeport, CT 1,316 15.3% -13.0%
Buffalo, NY 717 -4.9% -10.3%
Camden, NJ 1,870 -1.4% -10.1%
Charlotte, NC 3,555 4.4% -6.2%
Chicago, IL 11,782 31.7% -0.6%
Cincinnati, OH 2,006 13.5% -2.9%
Cleveland, OH 2,386 9.7% 1.9%
Columbus, OH 2,038 5.5% -5.0%
Dallas, TX 6,411 3.2% 7.2%
Dayton, OH 833 12.1% -16.4%
Denver, CO 4,461 6.6% 4.1%
Detroit, MI 1,699 -0.2% 5.1%
El Paso, TX 841 -0.2% 9.2%
Fort Lauderdale, FL 4,051 -12.3% -5.1%
Fort Worth, TX 3,283 3.8% 11.7%
Fresno, CA 738 -7.9% -16.3%
Grand Rapids, MI 923 -1.8% -11.6%
Greenville, SC 1,089 -2.2% -2.5%
Hampton Roads, VA 2,200 4.2% 0.8%
Hartford, CT 1,180 14.0% -13.7%
Honolulu, HI 891 -22.3% -6.0%
Houston, TX 8,731 2.2% 4.0%
Indianapolis, IN 2,179 6.7% -5.8%
Jacksonville, FL 2,738 5.2% -0.8%
Kansas City, MO 2,193 -4.0% -19.5%
Knoxville, TN 1,149 -0.9% 42.7%
Las Vegas, NV 3,746 -8.7% 0.4%
Long Island, NY 2,910 -4.3% -6.2%
Los Angeles, CA 6,177 -7.9% -15.7%
Louisville, KY 1,097 -9.3% -11.2%
McAllen, TX 441 -2.0% -0.5%
Memphis, TN 1,091 4.5% -8.3%
Miami, FL 4,190 -12.3% -4.8%
Milwaukee, WI 1,246 2.2% -11.0%
Minneapolis, MN 3,831 9.5% -17.1%
Montgomery County, PA 2,141 9.7% -14.0%
Nashville, TN 3,272 -2.6% -6.6%
New Haven, CT 923 21.3% -10.6%
New Orleans, LA 1,256 -11.2% 17.8%
New York, NY 10,994 0.8% -3.8%
Newark, NJ 3,067 12.9% -5.9%
Oakland, CA 2,346 12.8% -2.6%
Oklahoma City, OK 1,730 -0.4% -0.9%
Omaha, NE 771 -0.9% -19.4%
Orange County, CA 2,734 2.0% -12.1%
Orlando, FL 4,319 -3.4% 1.0%
Oxnard, CA 681 -9.1% -18.3%
Philadelphia, PA 2,482 7.7% -5.6%
Phoenix, AZ 8,345 -12.1% -7.3%
Pittsburgh, PA 1,867 -0.2% -2.4%
Portland, OR 2,742 -4.5% 0.8%
Providence, RI 1,536 4.8% -7.0%
Richmond, VA 1,511 6.7% -10.9%
Riverside, CA 4,903 -10.2% -17.0%
Rochester, NY 837 9.3% -4.5%
Sacramento, CA 2,360 5.8% -16.0%
Salt Lake City, UT 1,342 -5.7% -13.0%
San Antonio, TX 2,864 -0.3% 8.1%
San Diego, CA 3,003 -6.9% -13.0%
San Francisco, CA 953 -4.2% -7.5%
San Jose, CA 1,351 21.9% 5.9%
Seattle, WA 2,957 -5.6% -14.4%
St. Louis, MO 3,187 14.8% -12.9%
Tacoma, WA 954 -15.8% -18.4%
Tampa, FL 5,969 -8.9% 0.8%
Tucson, AZ 1,568 -13.4% -2.3%
Tulsa, OK 1,091 3.5% -4.1%
Warren, MI 2,652 -6.7% -7.1%
Washington, DC 7,249 19.5% -13.3%
West Palm Beach, FL 3,962 -14.6% -3.5%
Worcester, MA 771 0.4% -15.5%
National 273,500 0.3% -4.8%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Albany, NY 2,303 -7.7% 0.7%
Albuquerque, NM 2,878 -20.9% -30.5%
Allentown, PA 2,443 -5.6% 10.5%
Atlanta, GA 21,517 -3.3% -16.4%
Austin, TX 6,402 -1.8% 5.9%
Bakersfield, CA 1,846 -2.7% -2.9%
Baltimore, MD 8,807 2.8% 2.6%
Baton Rouge, LA 3,948 -0.7% 17.0%
Birmingham, AL 4,138 1.4% -13.9%
Boston, MA 6,383 0.3% 18.9%
Bridgeport, CT 4,850 7.7% -5.4%
Buffalo, NY 1,575 -8.2% -2.0%
Camden, NJ 5,742 -0.1% -21.2%
Charlotte, NC 9,917 3.4% 2.5%
Chicago, IL 34,272 8.8% 2.9%
Cincinnati, OH 6,047 6.9% -1.4%
Cleveland, OH 6,922 0.4% -5.1%
Columbus, OH 4,898 1.4% 3.1%
Dallas, TX 15,327 -1.1% 22.8%
Dayton, OH 2,173 1.2% -12.8%
Denver, CO 5,986 2.1% 36.7%
Detroit, MI 4,357 -6.2% 13.5%
El Paso, TX 2,409 -2.2% -15.0%
Fort Lauderdale, FL 15,661 4.4% 15.1%
Fort Worth, TX 6,342 -5.2% 11.8%
Fresno, CA 1,585 -5.3% 11.6%
Grand Rapids, MI 1,818 -7.7% 6.2%
Greenville, SC 3,816 4.1% 6.9%
Hampton Roads, VA 5,975 -1.4% -10.6%
Hartford, CT 4,184 2.2% -11.8%
Honolulu, HI 3,588 1.4% 19.4%
Houston, TX 25,005 -1.9% 12.8%
Indianapolis, IN 4,338 -11.0% -15.4%
Jacksonville, FL 7,441 1.9% 8.7%
Knoxville, TN 3,596 1.2% 0.6%
Las Vegas, NV 10,533 0.2% 18.4%
Long Island, NY 9,650 1.9% 6.0%
Los Angeles, CA 16,923 0.5% 17.4%
Louisville, KY 2,662 -5.1% 7.0%
McAllen, TX 1,984 -1.2% 5.5%
Memphis, TN 2,503 -3.1% -9.7%
Miami, FL 19,338 -1.6% 5.6%
Milwaukee, WI 3,776 3.9% -9.1%
Minneapolis, MN 7,246 -2.4% -4.2%
Montgomery County, PA 5,244 8.0% -20.7%
Nashville, TN 10,321 2.0% 20.7%
New Haven, CT 3,079 3.1% -12.7%
New Orleans, LA 3,781 -11.3% -35.0%
New York, NY 46,294 2.1% 1.4%
Newark, NJ 8,964 5.2% 2.5%
Oakland, CA 2,914 7.8% 40.8%
Oklahoma City, OK 4,412 -8.5% -13.9%
Omaha, NE 1,401 -9.3% -5.0%
Orange County, CA 7,550 3.2% 20.6%
Orlando, FL 9,845 -3.8% 5.8%
Oxnard, CA 2,037 7.9% 48.5%
Philadelphia, PA 6,107 9.1% -11.9%
Phoenix, AZ 20,645 -1.4% 2.7%
Pittsburgh, PA 7,620 1.1% -11.0%
Portland, OR 5,681 -5.0% 36.6%
Providence, RI 4,436 -3.6% 3.6%
Raleigh, NC 5,677 1.5% -2.4%
Richmond, VA 2,731 -5.7% -2.5%
Riverside, CA 15,454 -2.1% 4.5%
Rochester, NY 1,312 0.9% -23.2%
Sacramento, CA 3,940 -7.1% 5.7%
Salt Lake City, UT 2,814 -24.3% 5.4%
San Antonio, TX 7,674 -2.0% 0.4%
San Diego, CA 6,414 -6.9% 24.1%
San Francisco, CA 1,356 1.2% 31.4%
San Jose, CA 1,816 12.2% 82.1%
Seattle, WA 5,027 -2.7% 101.2%
St. Louis, MO 7,746 -4.1% -23.8%
Tacoma, WA 1,469 -13.9% 8.4%
Tampa, FL 14,363 -2.8% 12.2%
Tucson, AZ 4,590 1.7% -2.5%
Tulsa, OK 2,977 -13.8% -13.8%
Warren, MI 6,252 -9.6% 13.3%
Washington, DC 13,521 10.7% -0.7%
West Palm Beach, FL 15,996 3.3% 5.2%
Worcester, MA 1,740 -6.1% -9.4%
National 760,800 0.0% 2.9%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year
Albany, NY $213,600 -0.2% 3.5%
Allentown, PA $208,200 -0.2% 5.6%
Atlanta, GA $219,000 0.2% 10.3%
Austin, TX $300,500 0.2% 4.2%
Bakersfield, CA $215,000 -0.3% 6.9%
Baltimore, MD $252,300 -0.4% 3.1%
Baton Rouge, LA $151,400 -0.3% 2.9%
Birmingham, AL $148,000 -0.3% 5.0%
Boston, MA $488,400 0.5% 5.2%
Buffalo, NY $155,700 -0.1% 5.6%
Camden, NJ $192,300 -0.1% 3.5%
Charlotte, NC $205,900 0.2% 10.1%
Chicago, IL $241,600 -0.2% 5.4%
Cincinnati, OH $167,600 -0.1% 7.3%
Cleveland, OH $138,000 -0.1% 6.6%
Columbus, OH $190,300 0.7% 8.3%
Dallas, TX $256,400 0.0% 5.5%
Dayton, OH $116,400 -0.1% 4.8%
Denver, CO $410,200 0.1% 6.3%
Detroit, MI $106,200 0.5% 21.9%
Fort Lauderdale, FL $265,700 0.5% 6.8%
Fort Worth, TX $213,600 0.2% 8.1%
Fresno, CA $253,800 0.1% 6.7%
Grand Rapids, MI $160,100 0.3% 7.9%
Greenville, SC $169,400 0.0% 8.1%
Hampton Roads, VA $223,700 -0.1% 3.6%
Honolulu, HI $688,600 -0.1% 2.8%
Houston, TX $208,000 0.0% 5.6%
Indianapolis, IN $159,900 -0.2% 8.3%
Jacksonville, FL $218,200 0.6% 8.6%
Kansas City, MO $185,800 0.0% 6.7%
Knoxville, TN $150,900 0.2% 8.0%
Las Vegas, NV $273,800 0.2% 11.3%
Long Island, NY $444,000 0.2% 5.0%
Los Angeles, CA $628,000 -0.2% 6.2%
Louisville, KY $151,100 0.2% 4.7%
Memphis, TN $136,500 0.6% 6.5%
Miami, FL $298,000 0.4% 6.0%
Milwaukee, WI $208,300 0.1% 9.4%
Minneapolis, MN $257,600 -0.3% 6.4%
Montgomery County, PA $315,300 -0.2% 2.8%
Nashville, TN $249,000 0.3% 7.7%
New Orleans, LA $169,500 -0.2% 2.0%
Newark, NJ $373,100 0.3% 14.5%
Oakland, CA $757,100 -0.4% 4.4%
Oklahoma City, OK $141,900 0.4% 5.0%
Omaha, NE $169,600 0.2% 6.4%
Orange County, CA $708,500 -0.4% 3.1%
Orlando, FL $232,200 0.2% 7.0%
Oxnard, CA $600,000 0.0% 3.3%
Philadelphia, PA $196,400 -1.3% 2.5%
Phoenix, AZ $269,200 0.4% 7.5%
Pittsburgh, PA $144,000 -0.2% 6.5%
Portland, OR $390,500 0.0% 3.2%
Providence, RI $294,700 0.1% 5.0%
Raleigh, NC $258,100 -0.8% 3.7%
Richmond, VA $222,900 0.1% 5.5%
Riverside, CA $364,400 -0.1% 5.5%
Rochester, NY $143,600 0.0% 5.9%
Sacramento, CA $399,900 -0.1% 4.7%
Salt Lake City, UT $325,900 0.3% 8.9%
San Antonio, TX $192,700 0.2% 5.8%
San Diego, CA $588,800 -0.3% 4.0%
San Francisco, CA $1,322,700 -0.4% 4.7%
San Jose, CA $1,201,200 -0.6% 4.8%
Seattle, WA $555,000 -0.3% 5.0%
St. Louis, MO $155,400 -0.1% 5.4%
Tacoma, WA $345,500 0.3% 7.7%
Tampa, FL $219,000 0.1% 6.6%
Tucson, AZ $208,500 0.3% 7.5%
Tulsa, OK $138,600 -0.2% 4.1%
Warren, MI $210,300 -0.3% 6.4%
Washington, DC $386,800 -0.1% 3.3%
West Palm Beach, FL $265,100 0.0% 3.4%
Worcester, MA $283,900 0.1% 5.7%
National $298,400 -0.1% 5.2%
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Tim Ellis

Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website Seattle Bubble, and produces the "Dispatches from the Multiverse" improvised comedy sci-fi podcast.

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Taylor Marr

Taylor Marr is the deputy chief economist on the research team at Redfin. He is passionate about housing and urban policy and an advocate for increased mobility and affordability. He laid the framework for our migration data and reports and diligently tracks the housing market and economy. Before Redfin, Taylor built financial market index funds for Vanguard at the University of Chicago. Taylor went to graduate school for international economics in Berlin, where he focused on behavioral causes of the global housing bubble and subsequent policy responses. Taylor’s research has been featured in the New York Times, the Wall Street Journal, and The Economist. He was also recently the President of the Seattle Economics Council and collaborates frequently with the Fed, HUD, and the Census Bureau. Follow him on Twitter @tayloramarr or subscribe to his weekly newsletter on Substack here: https://taylormarr.substack.com

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