Home Prices Surged 15% in March; Sales Barely Above 2012

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The typical spring surge of home sales combined with another dip in listings, continued to drive up home prices across the nation in March. Home prices were up both year over year and month over month in every market but Long Island. Home buyers hoping to take advantage of low rates are facing stiff competition and scarce selection. Until interest rates rise or listings begin to increase, the extreme seller’s market will continue.

The key metrics across 19 major metropolitan markets are:

  • Home sales rose 25% from February, but were barely up from 2012, rising just 0.9% year-over-year, the smallest gain in 14 months.
  • The number of homes for sale declined 31% from March 2012 to March 2013 (a slight improvement over the 32% drop in February), and were flat month over month.
  • Home prices in March increased 15% year over year, and rose 6% just since February.
  • The percentage of listings that were under contract within 14 days of their debut inched up yet again from 33.2% in February to 34.8% in March, the highest point on record.

For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Price Tracker in Redfin’s Research Center.

Published on April 15th, 2013
Updated on July 15th, 2019

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tim-ellisredfin-com

Senior Data Journalist / Real Estate Analyst

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 improv comedy sci-fi podcast Dispatches from the Multiverse. 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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