Redfin Home Price Index: November Marked Third Straight Month of Slowing Price Growth as Supply Crunch Eased
December 19 2023 - 8:00AM
Business Wire
U.S. home prices rose 0.6% from a month
earlier, the smallest increase since June, as a jump in homes for
sale gave buyers more options
(NASDAQ: RDFN) — The Redfin Home Price Index— which is similar
to but more current than the Case-Shiller price index—showed that
U.S. home-price growth slowed for the third straight month in
November. This is according to a recent report from Redfin
(redfin.com), the technology-powered real estate brokerage.
Home prices were up 0.6% from October, the smallest monthly
increase since June, and were up 6.4% from a year earlier.
“It’s a better time to be a homebuyer than it was two months
ago,” said Redfin Senior Economist Sheharyar Bokhari. “Buyers today
have more options to choose from, which is taking pressure off of
home prices. Mortgage rates dropped below 7% last week for the
first time since August, shaving hundreds of dollars off monthly
payments. That news seems to have lured more sellers to the market,
which should further improve homebuying conditions in the new
year.”
New listings climbed 1.3% month over month in November to the
highest level in over a year on a seasonally adjusted basis as
homeowners got tired of waiting on the sidelines, providing relief
to buyers who have been grappling with an historic shortage of
homes for sale. Pending sales also rose, increasing 2% month over
month to the highest level in a year.
This month, new listings have been climbing even faster, and
Redfin has seen double-digit year-over-year increases in the number
of homeowners contacting our agents to inquire about listing. On
the buy-side, mortgage purchase applications have been rising on a
seasonally adjusted basis as mortgage rates have come down.
Prices Fell Most in San Antonio, Rose Most in Chicago
Fourteen of the 50 most populous U.S. metropolitan areas posted
month-over-month price declines in November. In San Antonio, prices
fell 1.9%—the biggest drop among the metros Redfin analyzed. Next
came Minneapolis (-1.3%), Austin, TX (-1.3%), Warren, MI (-1%) and
Sacramento, CA (-0.7%).
In Chicago, home prices rose 2.4% month over month—the largest
increase among the 50 most populous metros. Rounding out the top
five are Newark, NJ (2.1%), New York (1.9%), Pittsburgh (1.5%) and
Las Vegas (1.3%).
The Redfin Home Price Index (RHPI) uses the repeat-sales pricing
method to calculate seasonally adjusted changes in prices of
single-family homes. The RHPI measures sale prices of homes that
sold during a given period, and how those prices have changed since
the last time those same homes sold. November data covers the three
months ending Nov. 30, 2023. Read the full RHPI methodology
here.
To view the full report, including a chart and more metro-level
data, please visit:
https://www.redfin.com/news/redfin-home-price-index-november-2023/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We
also run the country's #1 real estate brokerage site. Our
home-buying customers see homes first with same day tours, and our
lending and title services help them close quickly. Customers
selling a home in certain markets can have our renovations crew fix
up their home to sell for top dollar. Our rentals business empowers
millions nationwide to find apartments and houses for rent.
Customers who buy and sell with Redfin pay a 1% listing fee,
subject to minimums, less than half of what brokerages commonly
charge. Since launching in 2006, we've saved customers more than
$1.5 billion in commissions. We serve more than 100 markets across
the U.S. and Canada and employ over 4,000 people.
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 Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231219951260/en/
Redfin Journalist Services: Isabelle Novak, 414-861-5861
press@redfin.com
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