The latest year-end housing data from Redfin
points to a 6.9 percent year-over-year increase in December’s home sale prices, reaching a median of $312,500. December’s home prices were up by 1.1 percent from November a seasonally-adjusted basis, which marked the largest month-over-month increase since February 2018.
However, among the 20 metro areas with the largest year-over-year price increases, 16 were below the national median, most notably in Memphis (median price $190,000, up 15.9 percent), Camden, N.J. ($195,000, up 14.7 percent) and Cincinnati ($187,000, up 14.4 percent). Of the 85 largest metro areas tracked for this data analysis, only two saw a year-over-year decline in the median sale price: New York City and San Francisco recorded declines of 2.4 percent and 1.7 percent, respectively.
"Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices," said Redfin Chief Economist Daryl Fairweather. "Prices heated up in West Coast metros like Seattle and Los Angeles, which indicates the slowdown of 2019 has officially ended in these markets."