Redfin: Home Prices Squeak Upwards

Oct 22, 2018

Single-family median home prices during the third quarter increased year-over-year in 93 percent of the metro areas–or 166 out of 178 markets–tracked by the National Association of Realtors (NAR)

September saw the smallest annualized increase in home prices recorded since February 2012 and the first increase in inventory in nearly three years, according to new data from Redfin.

Home sale prices were up by 2.1 percent last month, with the median home price at $292,000. In fact, 136 out of the 171 metros tracked by Redfin, price growth exceeded the national median, with half of those metros recording growth at six percent or higher.

The number of homes for sale in September was up by a slim 0.2 percent from one year earlier, but inventory growth was up substantially pricey markets including San Jose (82.7 percent), Seattle (54.5 percent) and San Diego (30.7 percent). The typical home that sold in September went under contract in a median of 40 days, two days faster than one year ago, while 21.7 percent of homes sold above the list price, down from 23.8 percent in September 2017.

"The number of homes newly listed in September rose 3.6 percent year over year, but buyers seemed reluctant to make offers and purchase that new inventory, as September sales fell 4.8 percent year over year," said Daryl Fairweather, Redfin Chief Economist.

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Phil Hall

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Oct 22, 2018

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