{"id":56718,"date":"2017-02-16T05:00:25","date_gmt":"2017-02-16T13:00:25","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=56718"},"modified":"2020-10-06T12:59:48","modified_gmt":"2020-10-06T19:59:48","slug":"market-tracker-january-2017","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-january-2017\/","title":{"rendered":"Home Prices and Sales Showed Steady Growth in January While Inventory Continued to Decline"},"content":{"rendered":"

The median home sale price increased 7.0 percent in January to $261,100, continuing a trend of steady annual growth. Home sales were up as well, increasing 5.6 percent compared to last year despite mortgage rate uncertainty and a continuing inventory crunch.<\/span><\/p>\n

\"Median<\/figure>\n

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\"Home<\/figure>\n

Housing inventory fell 12 percent compared to last January — the largest annual drop in the number of homes for sale since April 2013. The abysmal supply situation was due in part to a 5.1 percent annual decline in new listings. But last month was also the fastest January on record since Redfin began tracking this measure in 2010. The typical home sold in 59 days, seven days faster than last year and two weeks faster than January 2015. <\/span>
\n\u201cBuyers jumped through three hurdles last month: rising prices, low inventory and a fast market,\u201d said Redfin chief economist Nela Richardson. \u201cSellers, however, are still warming the bench as the supply picture looks weaker than demand. This was the first January in three years in which new listings fell short of the previous year.\u201d<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nJanuary 2017<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$261,100<\/td>\n-2.4%<\/td>\n7.0%<\/td>\n<\/tr>\n
Homes sold<\/td>\n171,000<\/td>\n-25.9%<\/td>\n5.6%<\/td>\n<\/tr>\n
New listings<\/td>\n234,400<\/td>\n53.1%<\/td>\n-5.1%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n666,700<\/td>\n-0.5%<\/td>\n-12.0%<\/td>\n<\/tr>\n
Median days on market<\/td>\n59<\/td>\n5<\/td>\n-7<\/td>\n<\/tr>\n
Months of supply<\/td>\n3.9<\/td>\n1<\/td>\n-0.8<\/td>\n<\/tr>\n
Sold above list<\/td>\n18.0%<\/td>\n-0.8%<\/td>\n0.5%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n93.7%<\/td>\n-0.8%<\/td>\n-0.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The national trends of strong home sales and price growth last month were primarily driven by affordable metros. Home sales increased more than 26 percent in Lakeland, Florida, Poughkeepsie, New York, and Memphis, Tennessee, all of which had a median sale price in January below the national median of $261,100. <\/span>
\nThe top 10 metros with the strongest price growth all had median sale prices below $300,000 — less than a third of the median sale price of $1.03 million in San Francisco — the most expensive of the 90 markets Redfin tracks. In fact, the Bay Area\u2019s high-priced markets all saw home sales decline. Sales were down 8.6 percent since last year in San Jose, 7.4 percent in San Francisco and 1.3 percent in Oakland.<\/span>
\n\u201cI\u2019m working with several California transplants right now, most of whom are relocating from the Bay Area to take advantage of the affordable housing here,\u201d said Kelly Money, a Redfin real estate agent in Phoenix<\/a>. \u201cMany of them work remotely for tech companies, but want to own a home and raise their families here. I\u2019ve even helped a few buyers planning to relocate here and commute to the Bay Area. The cost of their mortgage plus weekly airfare is still more affordable than buying a home in San Francisco. It\u2019s a wild idea at first, but when people see they can get 3,000 square feet, a backyard and a swimming pool for less than the rent on their studio apartment, it starts to make sense.\u201d <\/span><\/p>\n

Other January Highlights<\/b><\/h3>\n

Competition<\/b><\/p>\n