|Redfin: Home Prices And Sales Showed Steady Growth in January While Inventory Continued to Decline|
Last Month was the Fastest January Housing Market on Record
SEATTLE — Feb. 16, 2017 — U.S. home prices rose 7.0 percent in January and home sales gained 5.6 percent over last year, according to Redfin (www.redfin.com), the next-generation real estate brokerage.
Inventory fell 12 percent compared to last year, the largest annual drop in the number of homes for sale since April 2013. The dearth of supply was due in part to a 5.1 percent annual decline in new listings. But last month was also the fastest January on record since Redfin began tracking this measure in 2010. The typical home sold in 59 days -- seven days faster than last year and two weeks faster than January 2015.
“Buyers jumped through three hurdles last month: rising prices, low inventory and a fast market,” said Redfin Chief Economist Nela Richardson. “Sellers, however, are still warming the bench as the supply picture looks weaker than demand. This was the first January in three years in which new listings fell short of the previous year.”
The national trend of strong home sales and price growth in January was driven by the country’s more affordable markets. Double-digit sales and price growth primarily occurred in metro areas with a median sale price under $300,000 such as Lakeland, Florida, Poughkeepsie, New York, and Memphis, Tennessee. The highest competition continued to take place in the tech hubs of the West Coast.
Regional January Highlights
To read the full report, complete with data and charts, please visit the following link: https://www.redfin.com/blog/2017/02/market-tracker-january-2017.html
About Redfin Corporation
Redfin (www.redfin.com) is the next-generation 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 theRedfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales to date, and saved customers more than $335 million in fees, and counting.