{"id":39943,"date":"2015-12-16T17:29:24","date_gmt":"2015-12-17T01:29:24","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=39624"},"modified":"2020-10-07T13:26:30","modified_gmt":"2020-10-07T20:26:30","slug":"home-prices-strengthen-and-sales-flatten-as-inventory-continues-to-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-prices-strengthen-and-sales-flatten-as-inventory-continues-to-decline\/","title":{"rendered":"Home Prices Strengthen and Sales Flatten as Inventory Continues to Decline"},"content":{"rendered":"

\"redfin-national-housing-market-tracker\"<\/a>
\nHome 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nNovember 2015<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$267,000<\/td>\n1.2%<\/td>\n6.8%<\/td>\n<\/tr>\n
Homes sold<\/td>\n128,800<\/td>\n-21.7%<\/td>\n0.9%<\/td>\n<\/tr>\n
New listings<\/td>\n166,800<\/td>\n-23.9%<\/td>\n8.4%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n546,200<\/td>\n-6.0%<\/td>\n-4.7%<\/td>\n<\/tr>\n
Median days on market<\/td>\n38<\/td>\n1<\/td>\n-7<\/td>\n<\/tr>\n
Off market in 2 weeks<\/td>\n27.2%<\/td>\n-0.7%<\/td>\n4.8%<\/td>\n<\/tr>\n
Months of supply<\/td>\n4.2<\/td>\n0.7<\/td>\n-0.3<\/td>\n<\/tr>\n
Sold above list<\/td>\n18.0%<\/td>\n-0.6%<\/td>\n2.0%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n91.4%<\/td>\n-0.3%<\/td>\n0.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 
\nSixteen 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.<\/span>
\nRedfin\u2019s South Carolina market manager Jim Brown explains Charleston\u2019s home-price bump by pointing to the many new job opportunities created by <\/span>Boeing\u2019s decision<\/span><\/a> to assemble the 787-10 Dreamliner exclusively in Charleston. A large increase in workers, coupled with Charleston\u2019s abnormally low inventory, created a perfect storm for hikes in home prices, which were up 9.6 percent month over month in November.<\/span>
\nIn Memphis, where prices were up 8.1 percent from October, \u201cwe\u2019re seeing an influx of millennials moving to town, and this new pool of homebuyers is creating more and more competition,\u201d said Redfin agent Karen Walker. \u201cMillennials are attracted to Memphis by plentiful job opportunities, affordable homes and a <\/span>low cost of living <\/span><\/a>compared to other big cities.\u201d<\/span>
\n\"MSP\"<\/a>
\nAcross 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. \u00a0Months 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.<\/span>
\nThe typical home sat on the market 38 days, seven fewer than the same time last year.<\/span>
\n\"MOS\"<\/a><\/p>\n

Other November Highlights<\/h3>\n

Prices<\/h3>\n