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Only five of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 5.0 percent drop in
"Homebuyers should take April's home-price rebound as a cue that the cooldown may be coming to an end," said Redfin chief economist
Market Summary |
April 2019 |
Month-Over-Month |
Year-Over-Year |
Median sale price |
$307,600 |
4.5% |
2.8% |
Homes sold |
268,900 |
2.7% |
-0.6% |
New listings |
394,100 |
9.3% |
0.7% |
All Homes for sale |
842,800 |
3.9% |
3.1% |
Median days on market |
40 |
-9 |
0 |
Months of supply |
3.1 |
0 |
0.1 |
Sold above list |
22.4% |
2.3% |
-4.4% |
Median Off-Market Redfin Estimate |
$300,300 |
0.5% |
4.6% |
Average Sale-to-list |
98.3% |
0.5% |
0.0% |
Home sales, while essentially flat nationwide (-0.6%), were down from a year ago in about half of metro areas Redfin tracks.
The markets that posted the largest year-over-year sales gains and the ones where sales fell the most last month tended to be relatively affordable. This marks another reversal from March, when the areas that posted the biggest sales declines were much more expensive than those that saw sales surge the most.
The parity in prices between metros with sales gains and those with sales declines likely contributed to the rebound in the national median price last month. One notable outlier in April was
"When mortgage rates go down, as they began to do in late November, it takes a few months for buyers to react," explained Fairweather. "Expensive metros like
Biggest Gains in Home Sales |
Biggest Declines in Home Sales |
|||||||
Rank |
Metro Area |
Year-Over-Year Sales |
Median Price |
Rank |
Metro Area |
Year-Over-Year Sales |
Median Price |
|
1 |
Columbus, OH |
22.9% |
$220,000 |
1 |
Philadelphia, PA |
-16.6% |
$219,950 |
|
2 |
Greenville, SC |
14.5% |
$215,000 |
2 |
Sacramento, CA |
-13.8% |
$409,000 |
|
3 |
New Orleans, LA |
12.1% |
$225,000 |
3 |
Fresno, CA |
-13.2% |
$269,950 |
|
4 |
McAllen, TX |
11.5% |
$151,000 |
4 |
Omaha, NE |
-12.3% |
$200,000 |
|
5 |
Cincinnati, OH |
10.1% |
$187,225 |
5 |
Albany, NY |
-11.4% |
$220,000 |
|
6 |
Orlando, FL |
9.7% |
$247,570 |
6 |
Miami, FL |
-11.1% |
$305,000 |
|
7 |
Detroit, MI |
8.3% |
$126,000 |
7 |
San Jose, CA |
-10.8% |
$1,150,000 |
|
8 |
Denver, CO |
7.4% |
$415,000 |
8 |
Bridgeport, CT |
-10.5% |
$385,000 |
|
9 |
Washington, DC |
7.1% |
$420,000 |
9 |
Louisville, KY |
-10.4% |
$186,500 |
|
10 |
Dayton, OH |
6.6% |
$139,900 |
10 |
Buffalo, NY |
-10.2% |
$145,000 |
The number of homes for sale as of the end of April was up 3.1 percent since last year, the smallest annual increase in home supply in seven months. The number of homes newly listed for sale last month increased 0.7 percent year over year, following two straight months of declines.
Although the median number of days on market for homes sold in April fell to 40, the same pace as last April at the beginning of the 2018 spring market frenzy, other measures indicate that the market is cooler than a year ago. In April, 23.7 percent of homes for sale had a price drop, up from 21 percent last year, and 22.4 percent of homes sold for above list price, down from 26.8 percent last year.
To read the full report, including graphs and additional metro-level data, please visit: https://www.redfin.com/blog/april-2019-housing-market-tracker.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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SOURCE Redfin
Redfin Journalist Services: Erin Osgood, 206-588-6863, press@redfin.com