Home Prices Strengthen and Sales Flatten as Inventory Continues to Decline

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Home prices surged in November by 6.8 percent from last year, the biggest increase since April. Sales were flat, up just 0.9 percent, with low inventory, down 4.7 percent, largely to blame. November marked the tenth consecutive month of year-over-year inventory declines.

Market Summary November 2015 Month-Over-Month Year-Over-Year
Median sale price $267,000 1.2% 6.8%
Homes sold 128,800 -21.7% 0.9%
New listings 166,800 -23.9% 8.4%
All Homes for sale 546,200 -6.0% -4.7%
Median days on market 38 1 -7
Off market in 2 weeks 27.2% -0.7% 4.8%
Months of supply 4.2 0.7 -0.3
Sold above list 18.0% -0.6% 2.0%
Average Sale-to-list 91.4% -0.3% 0.2%

 

Sixteen of the 68 markets tracked by Redfin still saw year-over-year price growth in the double digits. While this has become the norm for several hot West Coast markets, Charleston, SC and Memphis, TN also made the list, with year-over-year price increases of 11 percent and 12.3 percent, respectively.

Redfin’s South Carolina market manager Jim Brown explains Charleston’s home-price bump by pointing to the many new job opportunities created by Boeing’s decision to assemble the 787-10 Dreamliner exclusively in Charleston. A large increase in workers, coupled with Charleston’s abnormally low inventory, created a perfect storm for hikes in home prices, which were up 9.6 percent month over month in November.

In Memphis, where prices were up 8.1 percent from October, “we’re seeing an influx of millennials moving to town, and this new pool of homebuyers is creating more and more competition,” said Redfin agent Karen Walker. “Millennials are attracted to Memphis by plentiful job opportunities, affordable homes and a low cost of living compared to other big cities.”

MSP

Across Redfin markets, new for-sale listings rose 8.4 percent, the largest year-over-year increase since April, providing some hope for a pickup in inventory over the next few months.  Months of supply increased for the fourth month to 4.2, up from a low of 2.8 in June. The national housing market is still about two months shy of a balanced market between buyers and sellers.

The typical home sat on the market 38 days, seven fewer than the same time last year.

MOS

Other November Highlights

Prices

  • The median sale price in Charleston, SC climbed 9.6% from October, posting the biggest gains of any market.  Year over year, prices were up 11%.  Several other southeastern US cities also saw double-digit year-over-year price growth, including Memphis (12.3%), Fort Lauderdale (12.7%), and Richmond, VA (10.5%).
  • Prices in Denver continue to soar, up 12.1% to $310,000. November was Denver’s fourteenth consecutive month of year-over-year price growth above 10%.
  • Only seven of  69 metros saw year-over-year price declines in November. In Cleveland prices fell by 6.0% to $117,500 in November, the largest decline of the month.  Two other Ohio cities, Dayton (-2.5%) and Akron (1.1%), also posted year-over-year declines.  Hudson Valley, NY (-2.7%), Rochester, NY (-2.3%), Allentown, PA (-2.2%)  and Baltimore (-1.3%) rounded out the handful of metros where prices dropped in November.

Sales

  • Sales were down at least 10% month over month in every metro in November, a typical year-end trend. Thirty-three cities experienced a decrease in sales compared to a year ago. Austin, TX and Rochester, NY had the biggest drop in sales compared to last year, down 9.8% for both cities. November was also the second month of sales declines in Austin, a big reversal from the three straight months of sale growth of 8 percent or more this summer.
  • The largest year-over-year increases in home sales were in Buffalo (26.7%), Hudson Valley (18.2%) and Providence, RI (14.7%)

Competition and Speed

  • Denver remained the fastest market with half of all new listings selling in 2 weeks or less, followed closely by Oakland, CA and Seattle where the typical home sold in 16 days.
  • Eighteen markets, bucked the usual seasonal slowdown, and actually sped up from October to November.  In vacation destinations Miami and Fort Lauderdale, the typical home sold 10 days faster than last month and 21 days faster than last year.

Homes For Sale

  • New listings dropped substantially year over year only in Louisville (-8%), Seattle (-4.9%)  and Memphis (-2.8%).  In Seattle there were 38.7% fewer homes on the market than a year earlier but sales were down just 1% year-over-year
  • Only North Port, FL saw listings increase from October.  Fort Lauderdale had the largest surge of new listings with 1,412 properties coming on the market in November compared to last year,  a 39% increase, followed by Buffalo (25.6%) and Allentown (24.9%).
  • Denver and Houston had the largest increase in total homes for sale compared to last year, inventory was up 38.8% and 34.5% in these metros, respectively.
  • Four metros had less than 2 months of supply including Oakland (1.2), Seattle (1.5), San Francisco (1.8) and San Jose (1.9).

You can download data from the November Market Tracker in an Excel Spreadsheet.

For additional local analysis, see: Chicago | Los Angeles | San Francisco | Washington, D.C.

 

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year
Akron, OH $116,700 -2.3% -1.1%
Albany, NY $200,000 2.0% 0.0%
Allentown, PA $172,000 -1.7% -2.2%
Atlanta, GA $194,000 2.2% 8.4%
Austin, TX $270,000 5.1% 10.2%
Baltimore, MD $231,000 -1.7% -1.3%
Boston, MA $336,800 3.0% 5.6%
Buffalo, NY $127,600 -1.8% 4.0%
Charleston, SC $250,000 9.6% 11.0%
Charlotte, NC $200,000 5.3% 8.7%
Chicago, IL $194,950 -1.5% 8.3%
Cincinnati, OH $140,000 0.0% 3.0%
Cleveland, OH $117,500 -6.0% -6.0%
Columbus, OH $158,400 0.3% 3.2%
Dallas-Fort Worth, TX $210,000 -1.4% 7.7%
Dayton, OH $105,200 -4.4% -2.5%
Denver, CO $310,500 0.2% 12.1%
Detroit-Warren, MI $140,000 -1.8% 7.2%
Fort Lauderdale, FL $195,000 -2.5% 12.7%
Fresno, CA $229,950 7.0% 14.4%
Grand Rapids, MI $133,000 -7.6% 7.7%
Greenville, SC $175,000 2.9% 8.0%
Hampton Roads, VA $205,000 0.0% 5.1%
Honolulu, HI $510,000 0.2% 7.4%
Houston, TX $200,000 -2.4% 0.4%
Hudson Valley, NY $364,800 -8.8% -2.7%
Indianapolis, IN $145,000 2.1% 3.6%
Jacksonville, FL $168,250 -2.2% 1.4%
Las Vegas, NV $202,250 1.1% 7.9%
Little Rock, AR $149,950 0.0% 6.3%
Long Island, NY $380,000 0.4% 3.7%
Los Angeles, CA $482,000 -0.6% 5.7%
Louisville, KY $157,500 -1.6% 5.0%
Memphis, TN $146,000 8.1% 12.3%
Miami, FL $235,000 2.2% 9.3%
Minneapolis-St. Paul, MN $215,000 0.5% 7.5%
Nashville, TN $228,000 2.2% 6.0%
New Orleans, LA $183,000 -0.4% 7.4%
North Port, FL $226,990 0.9% 19.5%
Oakland, CA $600,000 6.2% 13.2%
Omaha, NE $160,000 -0.9% 6.1%
Orange County, CA $600,000 2.6% 4.4%
Orlando, FL $182,000 1.1% 9.6%
Philadelphia, PA $225,000 -2.2% 0.0%
Phoenix, AZ $212,900 -1.0% 9.2%
Portland, OR $302,856 1.3% 9.3%
Providence, RI $207,000 1.0% 4.8%
Raleigh-Durham, NC $232,000 2.8% 7.9%
Richmond, VA $210,000 0.1% 10.5%
Riverside-San Bernardino, CA $299,950 0.3% 5.2%
Rochester, NY $125,000 -3.3% -2.3%
Sacramento, CA $318,000 1.0% 11.5%
San Antonio, TX $185,000 -0.8% 5.0%
San Diego, CA $474,000 2.8% 9.0%
San Francisco, CA $1,046,125 -1.0% 11.3%
San Jose, CA $839,000 0.0% 15.7%
Seattle, WA $402,000 0.5% 7.9%
Tacoma, WA $246,000 -1.6% 7.0%
Tampa, FL $165,688 0.4% 10.5%
Tucson, AZ $173,500 -1.0% 4.9%
Tulsa, OK $150,000 2.0% 2.8%
Ventura County, CA $531,000 1.1% 12.6%
Washington, DC $360,000 2.9% 1.4%
West Palm Beach, FL $230,000 5.7% 15.0%
Wilmington, DE $201,750 -3.9% 0.9%
National $267,000 1.2% 6.8%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year
Akron, OH 564 -29.9% -3.4%
Albany, NY 557 -21.1% -2.8%
Allentown, PA 527 -23.4% 8.2%
Atlanta, GA 6,029 -20.5% 4.0%
Austin, TX 1,688 -27.0% -9.8%
Baltimore, MD 2,422 -19.5% 7.7%
Boston, MA 5,121 -18.9% 6.7%
Buffalo, NY 755 -28.7% 26.7%
Charleston, SC 935 -18.6% 0.6%
Charlotte, NC 1,946 -21.2% 2.5%
Chicago, IL 6,690 -26.2% -3.4%
Cincinnati, OH 1,394 -27.6% -3.0%
Cleveland, OH 1,642 -24.9% 5.7%
Columbus, OH 1,567 -23.4% 6.0%
Dallas-Fort Worth, TX 5,550 -20.3% 0.0%
Dayton, OH 678 -23.5% 4.1%
Denver, CO 3,421 -24.2% -5.5%
Detroit-Warren, MI 1,269 -27.4% -6.6%
Fort Lauderdale, FL 2,328 -19.7% 1.8%
Fresno, CA 536 -24.3% -2.7%
Grand Rapids, MI 707 -37.6% -8.4%
Greenville, SC 514 -23.3% -3.2%
Hampton Roads, VA 1,311 -13.4% 8.3%
Honolulu, HI 616 -18.4% 1.7%
Houston, TX 4,727 -21.9% -4.5%
Hudson Valley, NY 948 -17.6% 18.2%
Indianapolis, IN 1,771 -22.6% -3.5%
Jacksonville, FL 1,482 -16.3% -3.1%
Las Vegas, NV 2,418 -17.8% -0.7%
Little Rock, AR 558 -25.1% 6.9%
Long Island, NY 2,029 -14.1% 13.4%
Los Angeles, CA 4,398 -24.7% -5.5%
Louisville, KY 908 -27.8% -1.1%
Memphis, TN 685 -23.6% -8.2%
Miami, FL 2,300 -14.8% -4.3%
Minneapolis-St. Paul, MN 3,220 -28.7% 2.7%
Nashville, TN 2,086 -23.3% 2.8%
New Orleans, LA 883 -15.0% 6.0%
North Port, FL 1,246 -18.8% -0.2%
Oakland, CA 1,961 -18.6% -1.2%
Omaha, NE 749 -25.4% -1.2%
Orange County, CA 1,879 -19.7% -3.2%
Orlando, FL 2,683 -17.8% -1.3%
Philadelphia, PA 2,971 -21.1% 3.0%
Phoenix, AZ 5,019 -15.7% 6.3%
Portland, OR 2,602 -24.7% 6.7%
Providence, RI 696 -18.4% 14.7%
Raleigh-Durham, NC 1,754 -23.9% -3.7%
Richmond, VA 981 -24.3% 14.2%
Riverside-San Bernardino, CA 3,375 -20.2% -0.4%
Rochester, NY 739 -31.5% -9.8%
Sacramento, CA 2,044 -23.0% 6.0%
San Antonio, TX 1,559 -26.6% 10.6%
San Diego, CA 2,158 -22.7% -2.7%
San Francisco, CA 1,003 -17.2% -6.5%
San Jose, CA 1,036 -18.8% 1.4%
Seattle, WA 2,929 -24.2% -1.0%
Tacoma, WA 868 -20.9% 4.6%
Tampa, FL 3,768 -17.1% 1.9%
Tucson, AZ 819 -23.4% -4.8%
Tulsa, OK 818 -21.5% -1.0%
Ventura County, CA 525 -30.6% -7.4%
Washington, DC 4,970 -16.0% 7.8%
West Palm Beach, FL 1,942 -26.9% -7.0%
Wilmington, DE 545 -22.0% 2.4%
National 128,800 -21.7% 0.9%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year
Akron, OH 775 -26.6% 0.6%
Albany, NY 767 -26.4% 10.7%
Allentown, PA 919 -19.1% 24.9%
Atlanta, GA 6,434 -23.1% 2.9%
Austin, TX 2,069 -27.0% 1.5%
Baltimore, MD 3,535 -24.2% 14.2%
Boston, MA 5,269 -34.9% 16.4%
Buffalo, NY 892 -25.0% 25.6%
Charleston, SC 1,291 -1.5% 3.6%
Chicago, IL 9,872 -29.7% 2.1%
Cincinnati, OH 1,913 -22.4% 3.2%
Cleveland, OH 2,197 -25.1% 8.8%
Columbus, OH 1,720 -28.3% 5.9%
Dallas-Fort Worth, TX 6,960 -20.3% 14.4%
Dayton, OH 965 -27.6% 4.0%
Denver, CO 3,263 -36.5% 16.0%
Detroit-Warren, MI 6,351 -25.7% 1.0%
Fort Lauderdale, FL 1,412 -9.2% 39.0%
Fresno, CA 776 -20.5% 17.0%
Grand Rapids, MI 886 -27.6% 22.4%
Greenville, SC 738 -12.9% 6.2%
Hampton Roads, VA 2,000 -20.6% 4.9%
Honolulu, HI 862 -6.1% 12.7%
Houston, TX 7,315 -22.0% 14.6%
Hudson Valley, NY 1,099 -25.4% 17.0%
Indianapolis, IN 2,581 -20.8% 16.9%
Jacksonville, FL 2,052 -15.6% 2.2%
Las Vegas, NV 3,403 -20.8% 4.5%
Little Rock, AR 897 -23.7% -0.3%
Long Island, NY 2,620 -15.9% 9.2%
Los Angeles, CA 6,457 -19.5% 12.6%
Louisville, KY 1,162 -27.6% -8.0%
Memphis, TN 992 -29.1% -2.8%
Miami, FL 2,068 -10.4% 19.8%
Minneapolis-St. Paul, MN 3,643 -34.8% 11.5%
Nashville, TN 3,009 -21.4% 16.6%
New Orleans, LA 1,334 -16.5% 13.8%
North Port, FL 2,203 3.7% 14.0%
Oakland, CA 1,679 -37.2% 4.5%
Omaha, NE 970 -30.1% 7.9%
Orange County, CA 2,593 -18.0% 21.9%
Orlando, FL 3,714 -14.0% 1.9%
Philadelphia, PA 4,248 -22.3% 12.8%
Phoenix, AZ 7,519 -21.8% 4.4%
Portland, OR 2,499 -32.4% 5.8%
Providence, RI 973 -23.7% 18.8%
Raleigh-Durham, NC 2,031 -26.8% 3.5%
Richmond, VA 1,301 -26.0% 0.9%
Riverside-San Bernardino, CA 6,341 -13.6% 18.3%
Rochester, NY 1,010 -27.9% 5.5%
San Antonio, TX 2,333 -18.8% 17.8%
San Diego, CA 2,991 -23.1% 2.3%
San Francisco, CA 840 -48.2% 3.6%
San Jose, CA 951 -31.9% 15.3%
Seattle, WA 2,463 -39.3% -4.9%
Tacoma, WA 944 -25.6% 5.2%
Tampa, FL 5,004 -13.5% 4.2%
Tucson, AZ 1,456 -19.6% -1.6%
Tulsa, OK 1,319 -19.1% 4.3%
Ventura County, CA 672 -24.0% 1.4%
Washington, DC 5,965 -34.4% 4.6%
West Palm Beach, FL 3,489 -14.6% 5.6%
Wilmington, DE 786 -24.9% 9.8%
National 166,800 -23.9% 8.4%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year
Akron, OH 3,320 -6.6% -7.9%
Albany, NY 4,447 -9.3% -6.5%
Allentown, PA 4,086 -23.3% -11.6%
Atlanta, GA 22,588 -6.9% -6.5%
Austin, TX 5,554 -12.1% -4.4%
Baltimore, MD 13,013 -8.4% -5.0%
Boston, MA 18,896 -14.4% -10.3%
Buffalo, NY 3,953 -34.1% -38.3%
Charleston, SC 6,038 -1.1% -13.4%
Chicago, IL 42,362 -2.4% 7.3%
Cincinnati, OH 9,253 -5.1% -11.4%
Cleveland, OH 10,506 -4.4% -4.0%
Columbus, OH 6,722 4.5% 2.4%
Dallas-Fort Worth, TX 15,940 -5.5% 2.8%
Dayton, OH 4,449 -4.5% -7.6%
Denver, CO 7,352 -5.8% 38.8%
Detroit-Warren, MI 18,040 -9.4% -0.1%
Fresno, CA 2,042 -10.9% -7.9%
Grand Rapids, MI 2,792 -11.1% -45.8%
Greenville, SC 3,141 5.6% -3.4%
Hampton Roads, VA 8,726 -4.4% -6.9%
Honolulu, HI 3,259 -2.1% -3.4%
Houston, TX 22,092 -5.0% 34.5%
Hudson Valley, NY 8,431 1.3% 24.8%
Indianapolis, IN 9,645 -8.8% -20.4%
Jacksonville, FL 7,272 -5.5% -23.8%
Las Vegas, NV 14,405 -3.1% -3.2%
Little Rock, AR 4,388 0.6% -3.2%
Long Island, NY 14,005 -6.9% -7.7%
Los Angeles, CA 14,375 -5.1% -10.1%
Louisville, KY 3,965 -10.2% -36.8%
Miami, FL 6,422 1.8% -4.4%
Minneapolis-St. Paul, MN 12,609 -13.6% -15.8%
Nashville, TN 8,806 -4.5% -6.4%
North Port, FL 6,424 9.6% -2.5%
Oakland, CA 2,451 -25.4% -16.5%
Omaha, NE 2,600 -7.1% -18.8%
Orange County, CA 6,933 -0.3% 16.4%
Orlando, FL 12,167 -3.8% -16.8%
Philadelphia, PA 19,670 -7.2% -8.0%
Phoenix, AZ 21,630 6.2% -6.2%
Portland, OR 5,299 -19.1% -33.6%
Providence, RI 3,997 -8.1% -0.4%
Raleigh-Durham, NC 8,408 2.9% 4.7%
Richmond, VA 4,646 -8.4% -11.9%
Riverside-San Bernardino, CA 17,502 4.6% 10.8%
San Antonio, TX 7,367 -2.0% 7.1%
San Diego, CA 6,155 -13.6% -21.0%
San Francisco, CA 1,812 -26.6% -1.2%
San Jose, CA 2,020 -21.0% -19.7%
Seattle, WA 4,468 -25.6% -38.7%
Tacoma, WA 2,558 -13.4% -27.2%
Tampa, FL 15,646 0.3% -13.9%
Tucson, AZ 5,479 9.7% 1.3%
Tulsa, OK 4,799 -24.0% -3.5%
Ventura County, CA 1,560 -13.0% -16.2%
Washington, DC 19,310 -15.0% -0.5%
West Palm Beach, FL 12,325 9.2% 1.5%
Wilmington, DE 3,743 -5.2% -6.1%
National 546,200 -6.0% -4.7%

Methodology: Redfin’s National Market Tracker follows housing trends in the country’s largest metropolitan divisions (those with population 500,000 or greater) served by Redfin agents. Analysis by Redfin is based on all residential home sales transacted on the multiple-listing service and supplemented by county recorder data where available. Data may be subject to revision. Metropolitan divisions are based the latest definitions released by the Bureau of Labor Statistics. To view a breakdown of these regions, click here.

For more information, contact Redfin journalist services:
Phone: 206-588-6863
Email: press@redfin.com

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nela-richardsonredfin-com

Chief Economist

Nela leads Redfin’s housing market research team on data reports that help Redfin customers make informed choices. She comes to Redfin from Bloomberg LP, where she served as a senior economist with Bloomberg Government. She also served in past roles in the mortgage industry, capital markets and financial policy. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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