{"id":65749,"date":"2019-05-15T18:05:10","date_gmt":"2019-05-16T01:05:10","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65749"},"modified":"2020-10-06T12:59:42","modified_gmt":"2020-10-06T19:59:42","slug":"april-2019-housing-market-tracker","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/april-2019-housing-market-tracker\/","title":{"rendered":"U.S. Home Prices Resume Growth, Up 2.8% in April"},"content":{"rendered":"

Sales flattened as housing supply rose 3.1%, the smallest year-over-year increase in 7 months<\/h2>\n

U.S. home-sale prices edged up in April, growing 2.8 percent from a year ago, to a median of $307,600 across the metros Redfin tracks. This marks a rebound from March\u2019s slight year-over-year price decline–the first since early 2012–and a return to the around 3 percent growth rate we were consistently seeing at the end of 2018 and January of this year. That pales in comparison to the 7 to 9 percent home-price increases we had become accustomed to by this time last year, but it represents a much more sustainable level of growth.
\nOnly five of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 5.0 percent drop in San Jose<\/a>, a 1.8 percent dip in New Haven, CT<\/a> and a 1.3 percent decline in Seattle<\/a>. The other two price declines were in San Francisco<\/a> and Portland, Oregon<\/a>, both of which saw prices fall just 0.1 percent from a year earlier.
\n\u201dHomebuyers should take April\u2019s home-price rebound as a cue that the cooldown may be coming to an end,\u201d said Redfin chief economist Daryl Fairweather<\/a>. \u201cThe good news is that even though home prices are rising again, mortgage rates remain below last year\u2019s levels and are unlikely to tick back up in a meaningful way this year. While buyers no longer need to feel as much urgency about locking in a low rate before they go back up, buyers who wait too long may face more competition and see home prices rise as a result.\u201d<\/p>\n

\"Year-Over-Year<\/figure>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nApril 2019<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$307,600<\/td>\n4.5%<\/td>\n2.8%<\/td>\n<\/tr>\n
Homes sold<\/td>\n268,900<\/td>\n2.7%<\/td>\n-0.6%<\/td>\n<\/tr>\n
New listings<\/td>\n394,100<\/td>\n9.3%<\/td>\n0.7%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n842,800<\/td>\n3.9%<\/td>\n3.1%<\/td>\n<\/tr>\n
Median days on market<\/td>\n40<\/td>\n-9<\/td>\n0<\/td>\n<\/tr>\n
Months of supply<\/td>\n3.1<\/td>\n0<\/td>\n0.1<\/td>\n<\/tr>\n
Sold above list<\/td>\n22.4%<\/td>\n2.3%<\/td>\n-4.4%<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$300,300<\/td>\n0.5%<\/td>\n4.6%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n98.3%<\/td>\n0.5%<\/td>\n0.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home sales, while essentially flat nationwide (-0.6%), were down from a year ago in about half of metro areas, with 41 having seen a decline in April.
\nThe markets that posted the largest year-over-year sales gains and the ones where sales fell the most last month tended to be relatively affordable. This marks another reversal from March, when the areas that posted the biggest sales declines were much more expensive<\/a> than those that saw sales surge the most.
\nThe parity in prices between metros with sales gains and those with sales declines likely contributed to the rebound in the national median price last month. One notable outlier in April was San Jose<\/a>, the second-most expensive metro in our analysis, where sales fell 10.8 percent.
\n\u201cWhen mortgage rates go down, as they began to do in late November, it takes a few months for buyers to react,\u201d explained Fairweather. \u201cExpensive metros like Seattle<\/a> and Los Angeles<\/a> have been the most sensitive to changes in rates because you have to borrow more to afford a home in those markets. Home sales are still down year over year in these places, but by less than last month, thanks to mortgage rates remaining low.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/th>\nBiggest Gains in Home Sales<\/th>\n<\/th>\nBiggest Declines in Home Sales<\/th>\n<\/tr>\n
Rank<\/th>\nMetro Area<\/th>\nYear-Over-Year Sales<\/th>\nMedian Price<\/th>\n<\/th>\nMetro Area<\/th>\nYear-Over-Year Sales<\/th>\nMedian Price<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\nColumbus, OH<\/a><\/td>\n22.9%<\/td>\n$220,000<\/td>\n<\/td>\nPhiladelphia, PA<\/a><\/td>\n-16.6%<\/td>\n$219,950<\/td>\n<\/tr>\n
2<\/td>\nGreenville, SC<\/a><\/td>\n14.5%<\/td>\n$215,000<\/td>\n<\/td>\nSacramento, CA<\/a><\/td>\n-13.8%<\/td>\n$409,000<\/td>\n<\/tr>\n
3<\/td>\nNew Orleans, LA<\/a><\/td>\n12.1%<\/td>\n$225,000<\/td>\n<\/td>\nFresno, CA<\/a><\/td>\n-13.2%<\/td>\n$269,950<\/td>\n<\/tr>\n
4<\/td>\nMcAllen, TX<\/a><\/td>\n11.5%<\/td>\n$151,000<\/td>\n<\/td>\nOmaha, NE<\/a><\/td>\n-12.3%<\/td>\n$200,000<\/td>\n<\/tr>\n
5<\/td>\nCincinnati, OH<\/a><\/td>\n10.1%<\/td>\n$187,225<\/td>\n<\/td>\nAlbany, NY<\/a><\/td>\n-11.4%<\/td>\n$220,000<\/td>\n<\/tr>\n
6<\/td>\nOrlando, FL<\/a><\/td>\n9.7%<\/td>\n$247,570<\/td>\n<\/td>\nMiami, FL<\/a><\/td>\n-11.1%<\/td>\n$305,000<\/td>\n<\/tr>\n
7<\/td>\nDetroit, MI<\/a><\/td>\n8.3%<\/td>\n$126,000<\/td>\n<\/td>\nSan Jose, CA<\/a><\/td>\n-10.8%<\/td>\n$1,150,000<\/td>\n<\/tr>\n
8<\/td>\nDenver, CO<\/a><\/td>\n7.4%<\/td>\n$415,000<\/td>\n<\/td>\nBridgeport, CT<\/a><\/td>\n-10.5%<\/td>\n$385,000<\/td>\n<\/tr>\n
9<\/td>\nWashington, D.C.<\/a><\/td>\n7.1%<\/td>\n$420,000<\/td>\n<\/td>\nLouisville, KY<\/a><\/td>\n-10.4%<\/td>\n$186,500<\/td>\n<\/tr>\n
10<\/td>\nDayton, OH<\/a><\/td>\n6.6%<\/td>\n$139,900<\/td>\n<\/td>\nBuffalo, NY<\/a><\/td>\n-10.2%<\/td>\n$145,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The number of homes for sale as of the end of April was up 3.1 percent from the same time last year. This was the smallest year-over-year increase in home supply in seven months. The number of homes newly listed for sale last month increased 0.7 percent year over year, following two straight months of declines.<\/p>\n

\"Home<\/figure>\n

The median number of days on market for homes sold in April fell to 40\u2014just as quick as the same time a year earlier in the heat of the 2018 spring market frenzy, which was a lot more competitive for buyers than it is right now. Other measures still indicate that the market is cooler than a year ago. In April 23.7 percent of homes for sale had a price drop, up from 21 percent last year. And last month 22.4 percent of homes sold for above list price, down from 26.8 percent last year.<\/p>\n

\"Days<\/figure>\n

Other April Highlights<\/strong><\/h3>\n

Competition<\/strong><\/p>\n