{"id":1589,"date":"2009-08-25T12:58:45","date_gmt":"2009-08-25T19:58:45","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=1589"},"modified":"2025-07-01T05:52:22","modified_gmt":"2025-07-01T12:52:22","slug":"august_newsletter_prices_tick_up_redfin_in_times_top_50_websites","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/august_newsletter_prices_tick_up_redfin_in_times_top_50_websites\/","title":{"rendered":"August Newsletter: Prices Tick up, Redfin in Time's Top 50 Websites"},"content":{"rendered":"

On the last Tuesday of every month, just before the Case-Shiller data is released at 6 a.m., we start writing Redfin’s customer newsletter. Which has become a bit of a production.\u00a0It used to be about what’s happening at Redfin — and sometimes it still is — but most of our time now is spent covering changes in the market. <\/em>
\nThe newsletter goes it out to a 108,157 people, about a third of whom open it. And then we post it here on this blog, so still more people can read it.\u00a0If you want to get it hot off the presses, <\/em>register for a new Redfin account<\/em><\/a>, or <\/em>update an existing account<\/em><\/a> to ask for the newsletter.<\/em>
\nAnd if you have ideas on what you’d like to see in the next newsletter — or beefs with what we said, just leave a comment below… for reference, the July newsletter is available here<\/a>.<\/em>
\nRegards, Glenn<\/em>
\nHowdy Redfinnians!
\nThe real estate data for July just hit the presses, and Redfin is here to combine it all into one comprehensive portrait of what\u2019s going on in the market. The short story is that prices are up a little, sales are up a lot, interest rates are down for the moment but foreclosures are also increasing & nobody knows for sure if Congress will extend the first-time home-buyer credit. The market seems unlikely to get much better or worse any time soon. Let\u2019s dive into the detail so you can sort it out for yourself.
\nPrices Increase Nationwide for the First Time in Three Years<\/strong>
\nThe Case-Shiller index for July 2009 came out this morning and it shows the first month-over-month price increase<\/a> across the 20-city composite since May 2006 \u2013 even when adjusting for the flurry of summer demand. The 20-city composite gained .7% over June 2009, but dropped 15.5% since July 2008. Every market Redfin serves improved except for Seattle.
\nPrices jumped most sharply in the Bay Area (+3.1%), but the rally has been the most sustained in Chicago, Boston and Washington DC, where prices have been increasing for three or four months. Across the country, prices are now at June 2003 levels.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/strong><\/td>\nDate of Max<\/strong><\/td>\nChange from Max<\/strong><\/td>\nPrices Last at This Level in…<\/strong><\/td>\nYoY Change<\/strong><\/td>\nMoM Change<\/strong><\/td>\nConsec. Mos. of Increase<\/strong><\/td>\n<\/tr>\n
LA<\/td>\nApr-06<\/td>\n-41.2%<\/td>\nAug-03<\/td>\n-17.8%<\/td>\n0.4%<\/td>\n1<\/td>\n<\/tr>\n
San Diego<\/td>\nMar-06<\/td>\n-41.9%<\/td>\nAug-02<\/td>\n-16.0%<\/td>\n0.7%<\/td>\n1<\/td>\n<\/tr>\n
SF<\/td>\nFeb-06<\/td>\n-43.3%<\/td>\nOct-00<\/td>\n-22.0%<\/td>\n3.1%<\/td>\n2<\/td>\n<\/tr>\n
DC<\/td>\nMar-06<\/td>\n-31.3%<\/td>\nFeb-04<\/td>\n-11.8%<\/td>\n2.2%<\/td>\n3<\/td>\n<\/tr>\n
Chicago<\/td>\nFeb-07<\/td>\n-25.8%<\/td>\nOct-02<\/td>\n-16.7%<\/td>\n0.5%<\/td>\n3<\/td>\n<\/tr>\n
Boston<\/td>\nNov-05<\/td>\n-16.4%<\/td>\nMar-03<\/td>\n-6.0%<\/td>\n1.8%<\/td>\n4<\/td>\n<\/tr>\n
New York<\/td>\nMay-06<\/td>\n-20.7%<\/td>\nMay-04<\/td>\n-12.0%<\/td>\n0.1%<\/td>\n2<\/td>\n<\/tr>\n
Seattle<\/td>\nJul-07<\/td>\n-22.2%<\/td>\nApr-05<\/td>\n-16.1%<\/td>\n-0.3%<\/td>\n0<\/td>\n<\/tr>\n
20-City Comp.<\/td>\nMay-06<\/td>\n-31.4%<\/td>\nJun-03<\/td>\n-15.5%<\/td>\n0.7%<\/td>\n1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Surveying the trend over the past year, we see that prices declines began moderating in March.
\n\"CaseShillerLast12Months<\/a>
\nLed by the Northeast and the Midwest, Sales Activity Increases<\/strong>
\nSales activity has also increased. According to the National Association of Realtors, the number of existing homes that sold increased nationwide 7.2%<\/a> in July over June, the fourth consecutive month of increasing sales volume.
\nNAR reports this increase was almost entirely driven by sales in the Midwest and Northeast but California has also been exceptionally strong. California\u2019s July sales increased 2.1% over June and prices increased 1.6%<\/a>. In both the Bay Area and Southern California, high-end demand increased sharply<\/a>, with July Southern California sales volume reaching its highest level in three years<\/a>. Single-family housing starts were up 1.7% in July<\/a>.
\nSo Is This the Bottom?
\nAll this data has led some folks to hope we\u2019ve hit bottom<\/a>. The way we think about that question is in terms of supply and demand:<\/span><\/strong><\/p>\n