{"id":77238,"date":"2023-12-19T05:00:25","date_gmt":"2023-12-19T13:00:25","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77238"},"modified":"2023-12-18T17:00:43","modified_gmt":"2023-12-19T01:00:43","slug":"redfin-home-price-index-november-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-home-price-index-november-2023\/","title":{"rendered":"Redfin Home Price Index: Price Growth Slowed for Third Straight Month in November as Supply Crunch Eased"},"content":{"rendered":"<h2><i>U.S. home prices rose 0.6% from a month earlier, the smallest increase since June, as a jump in homes for sale gave buyers more options. That\u2019s according to the Redfin Home Price Index, which is similar to but more current than the Case-Shiller index.<\/i><\/h2>\n<p><span style=\"font-weight: 400;\">U.S. home-price growth slowed for the third straight month in November as a jump in new listings cooled homebuyer competition.\u00a0<\/span><span style=\"font-weight: 400;\">Home prices were up 0.6% from October, the smallest monthly increase since June, and were up 6.4% from a year earlier.<\/span><\/p>\n<div id=\"viz1702933563399\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;RepeatSaleIndices&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/RepeatSaleIndices\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/RepeatSaleIndices\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1702933563399');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1500px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. November data covers the three months ending Nov. 30, 2023. Read the full RHPI methodology <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s a better time to be a homebuyer than it was two months ago,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBuyers today have more options to choose from, which is taking pressure off of home prices. Mortgage rates <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">dropped<\/span><\/a><span style=\"font-weight: 400;\"> below 7% last week for the first time since August, shaving <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-fall-below-7\/\"><span style=\"font-weight: 400;\">hundreds<\/span><\/a><span style=\"font-weight: 400;\"> of dollars off monthly payments. That news seems to have lured more sellers to the market, which should further improve homebuying conditions<\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2024\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">in the new year<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New listings <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-november-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">climbed<\/span><\/a><span style=\"font-weight: 400;\"> 1.3% month over month in November to the highest level in over a year on a seasonally adjusted basis as homeowners got tired of waiting on the sidelines, providing relief to buyers who have been grappling with an historic shortage of homes for sale. Pending sales also rose, increasing 2% month over month to the highest level in a year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This month, <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-fall-below-7\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">new listings have been climbing even faster,<\/span><\/a><span style=\"font-weight: 400;\"> and Redfin has seen double-digit year-over-year increases in the number of homeowners contacting our agents to inquire about listing. On the buy-side, mortgage purchase applications <\/span><a href=\"https:\/\/www.investing.com\/economic-calendar\/mba-purchase-index-1494\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">have been rising<\/span><\/a><span style=\"font-weight: 400;\"> on a seasonally adjusted basis as mortgage rates have come down.<\/span><\/p>\n<h3>Prices Fell Most in San Antonio, Rose Most in Chicago<\/h3>\n<p><span style=\"font-weight: 400;\">Fourteen of the 50 most populous U.S. metropolitan areas posted month-over-month price declines in November. In <\/span><a href=\"https:\/\/www.redfin.com\/city\/16657\/TX\/San-Antonio\"><span style=\"font-weight: 400;\">San Antonio<\/span><\/a><span style=\"font-weight: 400;\">, prices fell 1.9%\u2014the biggest drop among the metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/10943\/MN\/Minneapolis\"><span style=\"font-weight: 400;\">Minneapolis<\/span><\/a><span style=\"font-weight: 400;\"> (-1.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\"> (-1.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/20734\/MI\/Warren\"><span style=\"font-weight: 400;\">Warren, MI<\/span><\/a><span style=\"font-weight: 400;\"> (-1%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-0.7%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In <\/span><a href=\"http:\/\/v\"><span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\">, home prices rose 2.4% month over month\u2014the largest increase among the 50 most populous metros. Rounding out the top five are <\/span><a href=\"https:\/\/www.redfin.com\/city\/13136\/NJ\/Newark\"><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/a><span style=\"font-weight: 400;\"> (2.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\"><span style=\"font-weight: 400;\">New York<\/span><\/a><span style=\"font-weight: 400;\"> (1.9%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/15702\/PA\/Pittsburgh\"><span style=\"font-weight: 400;\">Pittsburgh<\/span><\/a><span style=\"font-weight: 400;\"> (1.5%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\"> (1.3%).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Redfin Home Price Index, November 2023<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes the 50 most populous U.S. metro areas.<\/span><\/i><\/p>\n\n<table id=\"tablepress-392\" class=\"tablepress tablepress-id-392\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Month-over-month change<\/strong><\/th><th class=\"column-3\"><strong>Year-over-year change<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">9.0%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">-1.3%<\/td><td class=\"column-3\">-6.2%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">11.4%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">10.9%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">2.4%<\/td><td class=\"column-3\">14.2%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">1.3%<\/td><td class=\"column-3\">10.9%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">1.1%<\/td><td class=\"column-3\">11.6%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">11.8%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">-0.5%<\/td><td class=\"column-3\">2.4%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">0.0%<\/td><td class=\"column-3\">2.2%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">-0.4%<\/td><td class=\"column-3\">11.5%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">9.0%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Fort Worth, TX<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">1.0%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">0.0%<\/td><td class=\"column-3\">2.2%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">0.1%<\/td><td class=\"column-3\">4.5%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">2.5%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">8.4%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">1.3%<\/td><td class=\"column-3\">2.2%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">6.8%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">10.7%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">0.1%<\/td><td class=\"column-3\">10.0%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">-1.3%<\/td><td class=\"column-3\">2.7%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">0.8%<\/td><td class=\"column-3\">8.9%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">-0.2%<\/td><td class=\"column-3\">3.7%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Nassau County, NY<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">8.8%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">1.1%<\/td><td class=\"column-3\">11.3%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">1.9%<\/td><td class=\"column-3\">8.4%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">2.1%<\/td><td class=\"column-3\">14.1%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Oakland, CA<\/td><td class=\"column-2\">-0.2%<\/td><td class=\"column-3\">3.5%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">5.1%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">7.7%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">1.8%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">1.5%<\/td><td class=\"column-3\">10.6%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">3.2%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">1.1%<\/td><td class=\"column-3\">13.2%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">2.6%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">-0.7%<\/td><td class=\"column-3\">1.5%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">-1.9%<\/td><td class=\"column-3\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">-0.3%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">1.0%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">3.9%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">0.1%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">6.0%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">-0.6%<\/td><td class=\"column-3\">6.7%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">-1.0%<\/td><td class=\"column-3\">3.9%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">7.2%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">10.6%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\">National\u2014U.S.A.<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">6.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"<p>U.S. home prices rose 0.6% from a month earlier, the smallest increase since June, as a jump in homes for sale gave buyers more options. That\u2019s according to the Redfin Home Price Index, which is similar to but more current than the Case-Shiller index. U.S. home-price growth slowed for the third straight month in November [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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