National home prices hit a two-year high in August, marking a 5% gain from August 2011 and holding steady month-over-month during a time of year that typically sees a seasonal decline in prices.
As the latest jobs and consumer confidence data begins to signal that the overall economy may finally be coming back to life, real estate continues to show signs that 2012 is likely the beginning of a long, flat bottom in real estate.
Across 19 major metropolitan markets, June prices increased 3.0% year over year, and 2.6% month over month. The number of homes for sale declined 25.3% from June 2011 to June 2012, and by 2.4% since May.
Now that Redfin covers about as many markets as the Standard & Poor’s Case-Shiller index, we are publishing our own monthly report on prices, sales volume and inventory: the Redfin Real-Time Price Tracker. Our goal is to offer the deep data access and market insights of a local broker, but on a national scale.