{"id":77375,"date":"2024-01-23T05:00:04","date_gmt":"2024-01-23T13:00:04","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77375"},"modified":"2024-01-23T10:45:01","modified_gmt":"2024-01-23T18:45:01","slug":"redfin-home-price-index-december-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-home-price-index-december-2023\/","title":{"rendered":"Redfin Home Price Index: Prices Rose 0.4% in December\u2014the Smallest Increase in Six Months"},"content":{"rendered":"<h2><i><span style=\"font-weight: 400;\">High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren\u2019t falling because there\u2019s still a shortage of homes for sale. Overall, price growth appears to be returning to pre-pandemic levels.<\/span><\/i><\/h2>\n<p><span style=\"font-weight: 400;\">U.S. home prices climbed 0.4% month over month in December, the smallest increase since June. December represented the third straight month of slowing price growth. On a year-over-year basis, prices rose 6.6%.<\/span><\/p>\n<div id=\"viz1705534718458\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt='Repeat Sale Indices ' 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=\"no\" \/><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('viz1705534718458');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='827px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='827px';} else { vizElement.style.width='100%';vizElement.style.height='1477px';}                     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;\">This is 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. December data covers the three months ending Dec. 31, 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;\">Many home purchases that closed in December were negotiated in November, when mortgage rates were near the highest level in over two decades. That likely depressed home price growth because buyers were grappling with limited purchasing power, said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home price growth also likely slowed in December because the housing shortage eased slightly, giving buyers more options to choose from; new listings rose 0.1% to the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-december-2023\"><span style=\"font-weight: 400;\">highest<\/span><\/a><span style=\"font-weight: 400;\"> seasonally adjusted level since September 2022. Still, housing supply remained far below pre-pandemic levels, preventing home prices from dropping as buyers compete for a limited pool of homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, homebuying conditions have been improving. Price growth is slowing, supply is on the rise and mortgage rates have fallen significantly since their October peak. Price growth also appears to be normalizing as the housing market becomes more balanced; the 0.4% gain in December is roughly in line with monthly increases that occurred the years leading up to the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomebuyers can take solace in the fact that prices are unlikely to balloon again like they did during the pandemic homebuying frenzy, but they probably won\u2019t fall any time soon, either,\u201d Bokhari said. \u201cThat\u2019s because supply isn\u2019t growing enough to bring prices down, and mortgage rates are no longer falling enough to drive prices <\/span><i><span style=\"font-weight: 400;\">up<\/span><\/i><span style=\"font-weight: 400;\"> significantly.\u201d<\/span><\/p>\n<p><b>Prices Dropped Fastest in Austin, TX and Climbed Fastest in Chicago<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Fifteen of the 50 most populous U.S. metropolitan areas posted month-over-month price decreases in December, though all but one of those declines were less than 1%. In <\/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;\">, prices fell 1.1%\u2014the biggest drop among the metros Redfin analyzed. Next came Oakland, CA (-0.9%),\u00a0 <\/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;\"> (-0.8%), Miami (-0.6%) and Nashville, TN (-0.6%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Chicago, home prices rose 2.6% month over month\u2014the largest increase among the 50 most populous metros. Rounding out the top five are San Jose, CA (1.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/15702\/PA\/Pittsburgh\"><span style=\"font-weight: 400;\">Pittsburgh<\/span><\/a><span style=\"font-weight: 400;\"> (1.6%), Virginia Beach, VA (1.4%) and Charlotte, NC (1.1%).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Redfin Home Price Index, December 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<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Month-over-month change<\/b><\/td>\n<td><b>Year-over-year change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren\u2019t falling because there\u2019s still a shortage of homes for sale. Overall, price growth appears to be returning to pre-pandemic levels. U.S. home prices climbed 0.4% month over month in December, the smallest increase since June. December represented [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77376,"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":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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