Redfin Real-Time Home Price Tracker: Prices Rose in November for the Eighth Consecutive Month; Inventory Sees Largest Drop in 2012

The Redfin Real-Time Price Tracker is a monthly report on home prices, sales and inventory across 19 U.S. markets, published weeks before any other index, based on the local databases used directly by real estate agents to list properties and record sales.

Despite a continued seasonal slowdown in home sales, national home prices increased again between October and November, rising 2.2 percent in the month to a level 10.1 percent higher than November 2011. With sales and prices continuing to trend up from last year, it’s no surprise that home builder confidence has risen to a 6-year high, construction spending is climbing, mortgage applications have been trending up throughout 2012, and mortgage delinquencies are falling.

The key metrics across 19 major metropolitan markets are:

  • November home sales were up 7.8% from a year ago, and down 14.8% from October. This was a larger drop than is usual for November (last year sales fell just 3.7%), but only because September to October saw an unusual month-to-month increase.
  • Home prices in October increased 10.1% year over year, and were up another 2.2% month over month.
  • The number of homes for sale declined 30.1% from November 2011 to November 2012 (increasing from the 29.4% drop in October), and declined by 6.5% since October.
  • The percentage of listings that sold within 14 days of their debut was flat at 28.2% in November.

For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Price Tracker in Redfin’s Research Center.