June Home Prices Up 19%, Sales Volume Weakens After Hitting Four-Year High in May
SEATTLE, July 16, 2013 /PRNewswire/ – Technology-powered real estate brokerage Redfin (www.redfin.com) today released its Real-Time Home Price Tracker for June 2013, showing home prices increasing 19 percent year over year across 19 major U.S. markets. Strong price increases continue to support growing inventory, which increased for the third consecutive month. However, home sales faltered in June, with a minor year-over-year gain, and a loss from May. While still firmly in seller’s territory, the June numbers indicate a trend toward a more balanced market.
Home prices:
- National home prices increased 19% year over year in June and rose 4% since May.
Inventory:
- The number of homes for sale was down 19% from June 2012, but increased 2.4% month over month. This is the third month-over-month increase in a row.
Sales volume:
- Home sales rose 2.7% from 2012, but fell 5% from May.
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:
Home prices:
- Home prices in all 19 markets were up year over year and month over month.
- Sacramento, San Francisco and Las Vegas yet again had the highest year-over-year price increases, gaining 38%, 34%, and 33%, respectively.
- Philadelphia saw the smallest gain in prices, with a 3.1% increase year over year.
Inventory:
- Chicago and Phoenix were again the only markets where inventory came in higher than it was a year earlier, with Chicago up 2.3% and Phoenix up 10%.
- Sacramento saw the largest year-over-year inventory decline with a 48.3% drop. Boston followed close behind with a 45% drop.
- Cities with the largest monthly gains in inventory included Ventura (11%), Sacramento (10.4%),Denver (7.8%), Seattle (7.4%) and Los Angeles (6.5%).
- Las Vegas, Philadelphia and Phoenix were the only three markets where inventory declined in June.
Sales volume:
- Ten markets saw sales increase from last year, four fewer than in May. Just six markets saw an increase in monthly sales volume.
- New York’s Long Island again posted the largest yearly sales volume increase, with home sales up 66.9% from June 2012.
- Long Island also had the largest monthly increase in sales volume, up 15.6% from May.
- California’s Inland Empire saw the most drastic year-over-year decline in sales volume, with a 16.7% drop from June 2012.
- Phoenix had the sharpest month-over-month decline in sales volume, down 15.8% from May.
