July Home Prices up 19% from Last Year, but Just 1% from June in Redfin Report; Sales Hit Four-Year High

SEATTLE, Aug. 27, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today published its Real-Time Home Price Tracker based on July 2013 sales volumes, home prices and inventory across 19 major U.S. markets. Home prices increased 19 percent from last year, and 1.1 percent from June, the smallest rise in the past five months. Meanwhile, sales volume reached a four-year high in July, with 94,000 homes selling across the 19 markets covered, a sign that homebuyers were not deterred by recent mortgage interest rate spikes. Inventory took a turn for the worse after three months of small but steady gains, falling 4.6 percent from June. With even fewer homes for sale, continued buyer fatigue and uncertainty around interest rates, Redfin expects home sales to dip in August.

Sales volume:

• Sales hit a four-year high in July, with 94,000 homes selling across the 19 markets, a 17.6% year-over-year increase. Sales volume also rose 3% from June.

Home prices:

• Per-square-foot home prices rose 19.3% year over year, but just 1.1% month over month.
• The price of a typical single-family home in the U.S. was $355,000 in July, 18.9% higher than the $300,000 a year earlier.

Inventory:

• Homes for sale fell 30.6% from July 2012 and dropped 4.6% from June, the first monthly decline in four months.

This report is the earliest monthly analysis of home prices, sales and inventory across 19 U.S. markets, published weeks before any other index, based on the local databases used directly 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:

Sales Volume:

• Sales volumes grew annually in every market covered, with the exception of Riverside, CA, where sales took a 1.3% dip.
• Sales increased month over month across 15 of the 19 markets, but fell in Baltimore (-3.6%), Las Vegas (-0.4%), Philadelphia (-3.1%) and Washington, D.C. (-4.8%).
• Chicago led the nation both in number of homes sold in July (11,983) and in year-over-year sales volume increase (36.9%).
• Following Chicago, year-over-year sales gains were the largest in Portland, OR (30.7%), Denver (30.3%) and Baltimore (26.9%).
• Long Island, Austin, TX, and San Francisco were home to the largest month-over-month sales volume increases, with gains of 15.8%, 11.8% and 8.3%, respectively.

Home prices:

• All 19 markets saw year-over-year gains in per-square-foot home prices, but just 15 saw month-over-month increases. Home prices fell from June in Austin, TX (-2.6%), Boston (-0.9%), Philadelphia (-1.5%) and Washington, D.C. (-2.5%).
• The largest annual gains were seen in Las Vegas (39.1%), Sacramento (38.8%) and Riverside, CA (29.6%).
• Seattle, Ventura, CA and Las Vegas were home to the largest month-over-month price gains with increases of 4.2%, 4.1% and 3.2%, respectively.
• The metro areas with the smallest year-over-year price jumps were Philadelphia (3.9%), Long Island (5.0%) and Boston (7.0%).

Inventory:

• All 19 metro areas saw year-over-year declines, and inventory fell month over month in every market except for San Jose (Silicon Valley), CA, where there the number of homes for sale increased 7.1% from June.
• Las Vegas, Boston, and Chicago saw the largest annual drops, with inventory falling 54.4%, 42.5% and 40.5%.
• The largest month-over-month drops in inventory took place in Las Vegas (-16.1%), Boston (-9.1%) and Washington, D.C. (-8.9%).

About the Real-Time Home Price Tracker As a brokerage 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. Redfin analysts have improved their methodology for this report, now using solely MLS data, which most accurately illustrates what the current market experience is like for the typical real estate consumer considering buying or selling a home.

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 our blog (blog.redfin.com), Twitter (@redfin), and Facebook (facebook.com/redfin).

SOURCE Redfin

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