January Home Prices up 14.3 Percent from Last Year in Latest Redfin Report
Inventory Reaches Lowest Point in Four Years, Down 9.4 Percent Year Over Year
SEATTLE--(BUSINESS WIRE)--Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its Real-Time Home Price Tracker, based on January 2014 home prices, sales volume and inventory across 19 major U.S. markets.
January 2014 home prices were up 14.3 percent year over year overall, with gains in all 19 markets. This rise in home prices reflects an ever-worsening inventory situation, which reached its lowest point in four years, down 9.4 percent from January 2013.
|Median Sale Price||$||316,760||-3.4%||+14.3%|
|Total Homes Sold||49,781||-27.1%||-9.9%|
|Total Homes For Sale||197,655||-5.4%||-9.4%|
Redfin today also released its latest Real-Time Demand Pulse, revealing that low inventory and worsening affordability have also resulted in sluggish demand growth. The number of Redfin customers making offers on homes in January increased just 28.7 percent from the prior five weeks, compared to a jump of 42.6 percent last year. Meanwhile, the number of customers taking tours remained stable from last year, jumping 53.8 percent compared to 50.9 percent last year. The stability of touring suggests that people are still interesting in buying, but fewer of them are finding homes they want to make offers on, or perhaps more importantly, that they can afford to make offers on.
While it is uncertain if the inventory crunch will ease, Redfin agents report that most of their home-selling clients plan to list between March and May, rather than listing earlier in the year. Reasons for this include a fear of not being able to find a home to move into after selling their current home, a belief that their home will sell quickly after listing -so there is less pressure to sell now, and finally, many sellers believe that if they wait longer to list, their home will sell for more money.
About Demand Pulse
The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in twenty markets across the United States. Redfin is the only major real estate broker storing data in one location about its agent tours and offers, enabling the company to project sales volume for the U.S. without waiting 30 – 45 days for sales to close, or an additional 15 – 30 days for them to be recorded as public record.
About the Real-Time Home Price Tracker
Redfin's monthly report on home prices, inventory levels and sales volume is an up-to-date, accurate portrait of the U.S. real estate market, published before other market reports. As a broker with access to dozens of Multiple Listing Services (MLSs) used by real estate agents to list properties and record sales, Redfin gets data within minutes of a sale, pending sale or listing activation, well before any government, media or analytics organization. Full data may be downloaded in a spreadsheet.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not 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 that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.