Housing Market Takes Dramatic Turn as Sales Flatten in October

Home Prices Increase 6% as New Listings Slow to 3.5% and Inventory Slumps 4.3%

SEATTLE--()--Home sales stalled in October, increasing by a mere 0.3 percent year over year, according to Redfin (www.redfin.com), the next-generation real estate brokerage. This was an abrupt slowdown from September’s double-digit sales growth. Twenty-seven of 67 metros tracked by Redfin had fewer transactions, including hot markets like Seattle, Denver, Austin, Miami and Dallas.

Nationwide, the median sale price rose 6 percent in October, consistent with year-over-year gains posted in the past four months.

The supply of homes for sale remained tight, particularly in Miami and on the West Coast. Nationwide, inventory fell 4.3 percent from a year ago. The number of new listings grew at their slowest pace since May, up 3.5 percent from a year ago.

Compared with last year, more buyers made concessions to persuade sellers to accept their purchase offers in October. Nearly 16 percent of Redfin offers waived inspection contingencies, up from 8.8 percent a year ago, and 10.5 percent waived financing contingencies, up from 7.6 percent.

Local Market Insights in October

  • The median asking price increased the most in Sacramento, up 16.1% from September, to $499,900, and up 20.5% from a year ago.
  • Only four metros – San Francisco (12.4%), Buffalo (4.0%), Allentown (2.9%), and Miami (0.6%)--had an increase in sales compared to September.
  • Denver was the fastest market in October, with half of all homes selling in 12 days or less, compared to 11 days in September.
  • Sixteen cities added inventory last month, with Tucson (14.7%), Phoenix (12.6%), and Columbus, OH, (12.0%) posting the biggest gains.

To read the full report, complete with data, charts and insights from Redfin agents, please visit the following link: https://www.redfin.com/research/reports/2015/oct-national-housing-market-tracker.html

Redfin also took an in-depth look at home prices, inventory and sales across neighborhoods for four cities: Chicago, Los Angeles, San Francisco and Washington, D.C.

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About Redfin

Redfin (www.redfin.com) is a next-generation real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

To be added to Redfin’s press release distribution list, please email press@redfin.com.

Contacts

Redfin Journalist Services:
Jeffery Marino, 206-588-6863
press@redfin.com

Contacts

Redfin Journalist Services:
Jeffery Marino, 206-588-6863
press@redfin.com