February Comes in Solid with Stable Price Growth, More Home Sales and New Listings

The housing market showed continued signs of strength last month, pointing toward a healthy spring season. In welcome news for buyers, newly listed homes shot up by 11.5 percent over last year, the largest increase since October 2013.
Across the 50 major metros that Redfin tracks, the number of homes sold increased 3.2 percent year over year. The median sale price increased 5.4 percent from February last year, to $258,300. For seven months now, price growth has remained steady at a level between 4.9 percent and 5.4 percent.


With more homes for sale, buyers can be choosier and less aggressive with their offers. In February, 16.4 percent of properties sold above asking price, down from 18.6 percent a year ago. The median difference in sale-to-list price was -3.5 percent compared to -3 percent a year ago. And the share of Redfin offers that encountered competition also dropped, by 1.6 percentage points to 58.2 percent. While that may sound like a small drop, it’s the 18th consecutive month that bidding wars have eased year over year.

Other February Highlights

Sales

• For the second month in a row, San Antonio took the lead in home sales increases, with a 25.7% jump from February 2014. San Antonio has posted double-digit growth in five of the past six months.
• Orlando and Tampa saw strong growth, at 23.1% and 21.6%, respectively.

New Listings

• Indianapolis had a surge in new listings, with 26.6% more homes listed for sale vs. last February.
• Boston saw a 23% drop in new listings vs. last year and a 10.9% decrease in overall inventory. According to Redfin agent Alex Coon, record-breaking snowfall is shifting Boston to a more traditional spring market that will pick up in April.

Prices

• The median sale price in Fort Lauderdale grew faster than in any other market, with an 18.4% increase since last year. The February median sale price in Fort Lauderdale was $189,250.
• Median sale prices declined year-over-year in 5 markets: Hudson Valley (-5.3%), Raleigh-Durham (-2.4%), Baltimore (-2.2%), Camden (-1.3%) and Philadelphia (-1.0%).
• In San Francisco, the median price was up 16.2% from last February to $979,750. At this rate, next month it will surpass $1 million.

Competition

• Denver saw the largest percentage point increase in the number of homes selling above asking price. Nearly 40% of homes sold above list, a 19.1 percentage point increase over last February.
• Nine out of 10 offers written by Redfin agents in Oakland, San Francisco and San Jose encountered competition from another buyer. Bidding wars increased 8.7 percentage points in Oakland, 4 percentage points in San Jose and 1.9 percentage points in San Francisco year over year.
• Denver remained the fastest market in the country, with half of homes selling in eight days or less.

Click here to download the latest Real-Time Market Tracker in an Excel spreadsheet.

Median Sale Price

Metro	Median Sale Price	Month-over- Month	Year-over- Year
Allentown, PA	$160,000	6.7%	5.9%
Atlanta, GA	$173,500	5.8%	15.7%
Austin, TX	$250,000	4.2%	8.7%
Baltimore, MD	$225,000	7.1%	-2.2%
Boston, MA	$325,000	-5.5%	8.3%
Camden, NJ	$165,000	-5.7%	-1.3%
Charlotte, NC	$187,000	9.8%	8.9%
Chicago, IL	$175,000	0.0%	12.5%
Dallas-Fort Worth, TX	$203,000	5.5%	10.4%
Denver, CO	$295,000	5.4%	16.3%
Fort Lauderdale, FL	$189,200	7.5%	18.4%
Fresno, CA	$206,700	-1.6%	9.1%
Hampton Roads, VA	$200,000	7.7%	8.1%
Honolulu, HI	$495,000	-7.5%	7.1%
Houston, TX	$200,000	3.5%	8.1%
Hudson Valley, NY	$372,000	-3.4%	-5.3%
Indianapolis, IN	$135,800	4.5%	6.1%
Jacksonville, FL	$166,500	11.0%	14.7%
Las Vegas, NV	$189,000	2.2%	8.0%
Long Island, NY	$360,000	-4.0%	4.3%
Los Angeles, CA	$480,000	2.1%	8.4%
Memphis, TN	$149,500	12.4%	16.8%
Miami, FL	$215,000	-2.3%	10.3%
Minneapolis-St. Paul, MN	$200,000	2.6%	9.3%
Nashville, TN	$207,000	-2.1%	8.9%
Oakland, CA	$499,400	1.9%	8.6%
Omaha, NE	$150,000	-0.3%	1.7%
Orange County, CA	$555,000	1.8%	2.8%
Orlando, FL	$165,600	3.5%	3.5%
Philadelphia, PA	$200,000	-8.3%	-1.0%
Phoenix, AZ	$200,000	1.1%	7.8%
Portland, OR	$274,800	2.2%	3.7%
Providence, RI	$181,000	-6.2%	6.9%
Raleigh-Durham, NC	$207,000	0.5%	-2.4%
Reno, NV	$250,000	2.0%	14.2%
Richmond, VA	$199,700	6.4%	11.6%
Riverside-San Bernardino, CA	$286,000	4.8%	6.9%
Sacramento, CA	$310,000	12.7%	12.7%
San Antonio, TX	$187,900	4.9%	11.8%
San Diego, CA	$442,500	-1.0%	7.9%
San Francisco, CA	$979,800	11.3%	16.2%
San Jose, CA	$842,000	14.4%	17.1%
Seattle, WA	$360,000	-0.7%	2.9%
Tacoma, WA	$237,400	7.9%	8.9%
Tampa, FL	$148,000	8.0%	9.6%
Tucson, AZ	$169,900	3.3%	3.0%
Ventura County, CA	$485,000	-1.0%	9.0%
Washington, DC	$350,000	1.7%	2.9%
West Palm Beach, FL	$200,000	0.0%	5.3%
Wilmington, DE	$197,500	4.0%	7.9%
Overall	$258,300	0.8%	5.4%

Median List Price

Metro	Median List Price	Month-over- Month	Year-over- Year
Allentown, PA	$ 179,900	1.4%	3.4%
Atlanta, GA	$ 199,900	5.2%	8.1%
Austin, TX	$ 298,000	7.9%	14.8%
Baltimore, MD	$ 259,900	4.1%	4.0%
Boston, MA	$ 353,500	4.0%	-1.5%
Camden, NJ	$ 194,900	8.3%	7.1%
Chicago, IL	$ 250,000	9.2%	8.7%
Dallas-Fort Worth, TX	$ 225,000	2.3%	12.8%
Denver, CO	$ 325,000	3.2%	9.2%
Fort Lauderdale, FL	$ 260,000	-13.3%	0.0%
Fresno, CA	$ 225,000	4.7%	11.9%
Hampton Roads, VA	$ 229,900	2.2%	9.5%
Honolulu, HI	$ 525,000	-0.8%	4.0%
Houston, TX	$ 252,900	2.0%	18.8%
Hudson Valley, NY	$ 499,900	8.7%	17.8%
Indianapolis, IN	$ 139,900	0.0%	-6.1%
Jacksonville, FL	$ 200,000	5.3%	14.4%
Las Vegas, NV	$ 210,000	2.5%	11.2%
Long Island, NY	$ 415,000	1.2%	5.2%
Los Angeles, CA	$ 509,900	2.2%	6.5%
Memphis, TN	$ 149,900	7.1%	7.8%
Miami, FL	$ 310,000	6.9%	16.3%
Nashville, TN	$ 270,900	5.8%	14.8%
Oakland, CA	$ 558,000	10.5%	11.8%
Omaha, NE	$ 175,000	0.0%	13.3%
Orange County, CA	$ 625,000	2.6%	4.3%
Orlando, FL	$ 195,000	0.0%	11.4%
Philadelphia, PA	$ 250,000	11.2%	8.7%
Phoenix, AZ	$ 230,000	-0.9%	6.5%
Portland, OR	$ 310,000	3.4%	8.9%
Providence, RI	$ 212,000	-3.4%	-3.2%
Raleigh-Durham, NC	$ 249,900	4.6%	8.7%
Reno, NV	$ 277,000	7.4%	15.9%
Richmond, VA	$ 234,000	6.4%	17.0%
Riverside-San Bernardino, CA	$ 310,000	0.0%	6.9%
Sacramento, CA	$ 449,000	13.8%	-3.2%
San Antonio, TX	$ 219,000	7.9%	15.3%
San Diego, CA	$ 499,000	1.9%	6.4%
San Francisco, CA	$ 899,000	0.0%	5.9%
San Jose, CA	$ 797,900	7.3%	14.0%
Seattle, WA	$ 406,300	6.9%	12.9%
Tacoma, WA	$ 257,500	3.0%	12.0%
Tampa, FL	$ 179,900	2.1%	17.2%
Tucson, AZ	$ 199,900	0.0%	2.5%
Ventura County, CA	$ 549,000	4.6%	5.6%
Washington, DC	$ 400,000	8.1%	4.0%
West Palm Beach, FL	$ 264,900	8.1%	12.7%
Wilmington, DE	$ 219,900	10.0%	10.0%
Overall	$302,600	5.2%	7.1%

Homes Sold

Metro	Homes Sold	Month-over- Month	Year-over- Year
Allentown, PA	351	-9.8%	7.7%
Atlanta, GA	4,463	17.0%	7.3%
Austin, TX	1,783	17.5%	0.1%
Baltimore, MD	1,988	3.3%	21.4%
Boston, MA	2,478	-18.3%	-1.6%
Camden, NJ	711	-2.7%	15.4%
Charlotte, NC	1,715	-0.8%	11.7%
Chicago, IL	5,653	-1.2%	-0.4%
Dallas-Fort Worth, TX	5,113	16.7%	-5.2%
Denver, CO	2,953	16.7%	0.8%
Fort Lauderdale, FL	2,176	-2.4%	2.3%
Fresno, CA	528	6.9%	0.2%
Hampton Roads, VA	1,188	5.3%	-0.8%
Honolulu, HI	358	-31.3%	-26.6%
Houston, TX	4,438	11.0%	-7.6%
Hudson Valley, NY	648	-9.5%	11.3%
Indianapolis, IN	1,631	11.7%	8.8%
Jacksonville, FL	1,463	11.6%	-1.4%
Las Vegas, NV	2,393	8.2%	-3.2%
Long Island, NY	1,350	-9.7%	0.9%
Los Angeles, CA	3,807	-2.7%	-3.8%
Memphis, TN	725	13.1%	-10.3%
Miami, FL	2,362	-6.4%	13.4%
Minneapolis-St. Paul, MN	2,609	10.4%	3.7%
Nashville, TN	1,643	5.3%	9.5%
Oakland, CA	1,420	-6.3%	-1.9%
Omaha, NE	661	0.8%	-4.9%
Orange County, CA	1,747	3.3%	-0.1%
Orlando, FL	2,913	17.6%	23.1%
Philadelphia, PA	2,266	-3.3%	19.1%
Phoenix, AZ	5,603	22.7%	6.6%
Portland, OR	2,114	8.5%	8.1%
Providence, RI	455	-17.6%	6.6%
Raleigh-Durham, NC	1,615	5.6%	8.8%
Reno, NV	453	8.6%	0.2%
Richmond, VA	887	8.0%	18.9%
Riverside-San Bernardino, CA	3,266	-0.8%	-3.3%
Sacramento, CA	1,861	17.1%	7.9%
San Antonio, TX	1,642	18.1%	25.7%
San Diego, CA	2,203	15.2%	-1.0%
San Francisco, CA	763	12.0%	-22.6%
San Jose, CA	741	-8.0%	-31.9%
Seattle, WA	2,505	14.1%	4.0%
Tacoma, WA	776	9.0%	9.3%
Tampa, FL	3,978	22.6%	21.6%
Tucson, AZ	873	16.1%	-4.9%
Ventura County, CA	464	-4.7%	9.7%
Washington, DC	4,242	2.8%	1.8%
West Palm Beach, FL	2,228	10.7%	5.0%
Wilmington, DE	412	-5.7%	15.7%
Overall	100,615	6.5%	3.2%

New Listings

Metro	New Listings	Month-over- Month	Year-over- Year
Allentown, PA	760	-9.8%	22.6%
Atlanta, GA	7,994	-4.0%	10.9%
Austin, TX	2,679	9.7%	3.5%
Baltimore, MD	3,642	0.2%	10.8%
Boston, MA	4,086	-16.8%	-23.0%
Camden, NJ	1,960	1.5%	16.8%
Chicago, IL	13,291	4.6%	9.2%
Dallas-Fort Worth, TX	7,569	0.4%	-4.3%
Denver, CO	4,131	12.6%	5.1%
Fort Lauderdale, FL	1,324	-7.7%	12.1%
Fresno, CA	890	-8.4%	9.3%
Hampton Roads, VA	2,329	-21.7%	-3.4%
Honolulu, HI	1,011	-5.1%	15.9%
Houston, TX	8,235	0.1%	13.1%
Hudson Valley, NY	1,390	0.4%	-1.2%
Indianapolis, IN	2,938	6.3%	26.6%
Jacksonville, FL	2,532	-5.7%	3.2%
Las Vegas, NV	4,060	-5.6%	3.3%
Long Island, NY	2,675	-14.3%	-3.7%
Los Angeles, CA	7,839	-1.0%	11.9%
Memphis, TN	1,166	-9.8%	23.9%
Miami, FL	2,155	-9.6%	5.7%
Nashville, TN	2,694	-18.0%	-12.3%
Oakland, CA	2,447	18.0%	0.9%
Omaha, NE	1,255	-1.6%	1.8%
Orange County, CA	3,619	6.0%	14.5%
Orlando, FL	4,565	-5.9%	7.3%
Philadelphia, PA	4,994	4.2%	23.5%
Phoenix, AZ	8,945	-10.9%	-5.0%
Portland, OR	3,579	4.5%	20.7%
Providence, RI	777	-25.4%	-20.9%
Reno, NV	595	15.8%	-6.9%
Richmond, VA	1,687	-11.2%	7.9%
Riverside-San Bernardino, CA	7,189	0.5%	22.2%
Sacramento, CA	165	11.5%	5.8%
San Antonio, TX	2,614	13.5%	17.9%
San Diego, CA	3,900	-5.3%	-0.0%
San Francisco, CA	1,325	24.6%	-6.7%
San Jose, CA	1,413	29.2%	0.4%
Seattle, WA	4,006	13.8%	11.2%
Tacoma, WA	1,202	1.7%	4.0%
Tampa, FL	6,137	-2.5%	9.5%
Tucson, AZ	1,797	-13.5%	3.3%
Ventura County, CA	923	-5.5%	2.2%
Washington, DC	7,841	10.8%	7.4%
West Palm Beach, FL	4,004	-13.8%	4.8%
Wilmington, DE	846	7.6%	10.2%
Overall	171,394	-0.8%	11.5%

Inventory

Metro	Inventory	Month-over- Month	Year-over- Year
Allentown, PA	4,500	0.1%	-7.5%
Atlanta, GA	32,700	-1.8%	-4.1%
Austin, TX	7,700	0.0%	-3.0%
Baltimore, MD	17,000	-3.0%	14.3%
Boston, MA	19,700	-9.0%	-10.9%
Camden, NJ	10,600	1.0%	-0.5%
Chicago, IL	56,600	5.7%	6.1%
Dallas-Fort Worth, TX	22,600	-0.5%	-21.7%
Denver, CO	6,700	5.2%	-17.1%
Fresno, CA	2,700	-2.9%	22.2%
Hampton Roads, VA	11,700	0.4%	5.5%
Honolulu, HI	3,900	-20.4%	-17.4%
Houston, TX	24,300	2.4%	-2.8%
Indianapolis, IN	19,400	4.4%	0.5%
Jacksonville, FL	10,300	-1.2%	-27.6%
Las Vegas, NV	18,900	2.2%	-4.3%
Long Island, NY	16,800	-0.7%	1.4%
Los Angeles, CA	19,900	3.9%	10.3%
Memphis, TN	5,900	-0.6%	61.9%
Miami, FL	12,600	0.9%	-0.5%
Minneapolis-St. Paul, MN	20,400	2.6%	-5.9%
Nashville, TN	14,700	-0.8%	-5.4%
Oakland, CA	3,700	1.5%	-16.9%
Omaha, NE	4,000	-5.6%	-18.9%
Orange County, CA	7,600	12.6%	31.0%
Orlando, FL	22,700	-9.7%	-16.9%
Philadelphia, PA	24,900	-0.8%	3.8%
Phoenix, AZ	33,500	1.3%	-9.2%
Portland, OR	9,300	-3.5%	-21.1%
Providence, RI	4,900	-2.7%	0.7%
Reno, NV	2,200	10.6%	5.8%
Richmond, VA	6,400	-2.9%	8.1%
Riverside-San Bernardino, CA	27,600	4.2%	24.0%
San Antonio, TX	11,500	1.3%	10.9%
San Diego, CA	9,100	-1.7%	-5.9%
San Francisco, CA	2,100	4.4%	-7.3%
San Jose, CA	2,500	-8.1%	23.5%
Seattle, WA	8,100	-3.3%	-24.0%
Tacoma, WA	4,500	-4.9%	-22.0%
Tampa, FL	29,200	0.1%	-15.1%
Tucson, AZ	8,900	6.9%	7.7%
Ventura County, CA	2,200	-1.0%	1.7%
Washington, DC	22,600	0.2%	8.1%
West Palm Beach, FL	17,900	3.1%	1.3%
Wilmington, DE	4,800	-2.5%	-2.3%
Overall	652,600	0.4%	0.6%