Skip to main content

Redfin: Home Prices and Sales Rise While Inventory Evaporates

Phil Hall
Dec 19, 2019
September’s pending home sales data marked a second consecutive month of increases

Home sale prices during November reached a median of $311,600, according to new data from Redfin. Last month’s median price was up 5.2 percent from one year earlier and was also the largest year-over-year increase since the 5.6 percent leap recorded in July 2018.
 
Affordable metro areas also saw significant home price gains in November. For the fifth month in a row, the nine metro areas with the greatest gains had median sale prices below the national median, led by Camden, N.J. (median price $200,000, up 14.3 percent), Detroit ($140,000, up 12 percent) and Bakersfield, Calif. ($249,999, up 11.6 percent). For the first time in five months, the metro area with the 10th largest price gain in the nation had a median price above the national median: Salt Lake City ($345,000, up 9.5 percent). San Jose was the only market out of the 85 tracked by Redfin to record a year-over-year median sale price decline, with a 1.1 percent slippage.
 
Nationwide, home sales in November were up three percent from the previous year, although they were also down by one percent from October. November marked the fourth consecutive month of annual sales increases, with the biggest increases occurring in McAllen, Texas (14.7 percent); Anaheim (10.2 percent) and Virginia Beach (9.2 percent).
 
But while prices and sales were up, inventory shrank. The supply of homes for sale in November fell 12.1 percent from the previous year, the biggest decline since April 2013 and the fifth straight month of evaporating inventory.
 
"Given that inventory is falling quickly, we'd expect to see even stronger price growth, especially when compared to last year's soft market," said Redfin Chief Economist Daryl Fairweather. "The fact that homes are selling faster indicates that there are buyers ready to pull the trigger and take advantage of low interest rates. If lack of inventory and high demand continues, buyers who take a wait-and-see approach could face less favorable conditions in the spring season like bidding wars and faster price growth."
Home sale prices during November reached a median of $311,600


 
Published
Dec 19, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022