Home prices in October up 15.3% year-over-year, down 0.9% from September in 19 major US markets; inventory down 10.4% from previous year, 5.5% from previous month to 245,875 listings, home sales up 0.6% from 2012: Redfin

SEATTLE , November 13, 2013 (press release) – Home Sales, Prices Show Stability, Even Strength During Typical Seasonal Slowdown

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

Year over year, the housing market has shown stability and even resilience through the seasonal slowdown. The 19-market median sale price dropped just 0.9 percent from September, but was up 15.3 percent from the same time last year. Home sales followed the same pattern, dropping 1 percent in October, but increasing 0.6 percent year over year. Inventory, on the other hand, dropped 5.5 percent month over month and 10.4 percent year over year.

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

  • All 19 cities measured saw home prices increase year over year; seven saw month-over-month increases.
  • Las Vegas, Sacramento, and Riverside, CA, led the price gains with 30% year-over-year median sale price increases.

Sales Volume

  • Long Island saw the biggest gains, with home sales up 40.9% from October 2012.
  • Sacramento's sales volumes took the hardest hit with a 18% drop from a year earlier.

Inventory

  • Inventory came in at 245,875 total listings across the 19 metro areas studied.
  • San Jose had the largest monthly inventory drop at 17%. Phoenix and Riverside, CA, were the only two cities that saw a month-over-month inventory increase.

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

SOURCE Redfin

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