Home Prices Show Expected Monthly Decline in September; Up 16 Percent Year Over Year In Latest Redfin Report

SEATTLE, Oct. 10, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its Real-Time Home Price Tracker, based on September 2013 home prices, sales volume and inventory across 19 major U.S. markets.

In September, home sales, prices, and inventory all dropped from August, as expected. Prices had their third consecutive month-over-month drop, falling 2.2 percent this September. Home sales dropped 18.8 percent from August, and inventory fell 3.4 percent. Year over year, the housing market is still showing strength, with prices up 15.9 percent and home sales up 8.1 percent.

This report is the earliest monthly analysis of primary housing-market metrics, and is based on local databases used by Realtors to list properties and record sales. Click the following link to read the complete Redfin Real-Time Home Price Tracker:http://www.redfin.com/research/reports/real-time-price-tracker

Market-Specific Highlights and Lowlights:

Home Prices

• Eighteen of the 19 cities measured saw home prices increase year over year; eight saw month-over-month increases.
• Las Vegas led the price gains with a 30.3% year-over-year increase. Philadelphia was the only market without a year-over-year gain; prices were flat at 0.0 percent.

Sales Volume

• Chicago saw the biggest gains, with home sales up 25.9% from September 2012.
• Sacramento's sales volumes took the hardest hit with a 8.9% drop from a year earlier.

Inventory

• Inventory came in at 234,670 total listings across the 19 metro areas studied.
• Las Vegas had the largest inventory drop at 46.6%. The only market with a yearly increase in homes for sale was Phoenix, with a 1.7% bump.

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.

About Redfin
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's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets, and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on blog.redfin.com, on Twitter @Redfin, and Facebook.com/Redfin.

SOURCE Redfin

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