News Releases
"The December housing market felt more like spring than winter," said Redfin chief economist
Median prices increased in each of the 85 largest metro areas Redfin tracks. The smallest price gains compared to a year earlier were in
"It seems no matter how high we price some homes, buyers are willing to pay more," said
Market Summary |
|
Month-Over-Month |
Year-Over-Year |
Median sale price |
|
-0.2% |
13.1% |
Homes sold, seasonally-adjusted |
637,600 |
-3.8% |
16.2% |
Pending sales, seasonally-adjusted |
629,700 |
1.4% |
35.4% |
New listings, seasonally-adjusted |
680,900 |
1.3% |
13.6% |
All Homes for sale, seasonally-adjusted |
1,642,800 |
-1.1% |
-22.3% |
Median days on market |
30 |
3 |
-20 |
Months of supply |
1.2 |
-0.4 |
-1.3 |
Sold above list |
33.4% |
-1.6 pts† |
13.4 pts† |
Median Off-Market Redfin Estimate |
|
-0.2% |
14.5% |
Average Sale-to-list |
99.4% |
-0.1 pts† |
1.4 pts† |
Average 30-year fixed mortgage rate |
2.68% |
-0.09 pts† |
-1.04 pts† |
† - "pts" = percentage point change |
Home sales were up 16% in December from a year earlier on a seasonally-adjusted basis, down from the record high of 25% set in October, but still the fourth-highest level on record.
The number of homes sold in December was up from a year earlier in the 85 largest metro areas Redfin tracks. The largest gains in sales were in
Active listings—the count of all homes that were for sale at any time during the month—fell 22% year over year to their lowest level on record in December, the 17th-straight month of declines.
Only five of the 85 largest metros tracked by Redfin posted a year-over-year increase in the count of seasonally-adjusted active listings of homes for sale. The largest gains were in
Compared to a year ago, the biggest declines in active housing supply in December were in
The number of new listings of homes for sale increased 14% in December from a year earlier, a solid gain, but still dwarfed by the gain over the same period in pending sales, which were up 35%.
Measures of competition such as time on market and the share of homes sold above list price were at their most extreme December levels on record. However, they did finally ease slightly from November, following a more typical seasonal trend, but this only offered a small amount of relief for homebuyers.
The typical home that sold in December went under contract in 30 days—20 days less than a year earlier.
In December 33% of homes sold above list price, down slightly from the peak in November, but up from 20% a year earlier.
To read the full report, including charts and additional metro-level insights, please visit: https://www.redfin.com/news/december-home-prices-up-13-pct/.
About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in
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, 206-371-1626, press@redfin.com