Home Prices Surged 15% in March; Sales Barely Above 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.

The typical spring surge of home sales combined with another dip in listings, continued to drive up home prices across the nation in March. Home prices were up both year over year and month over month in every market but Long Island. Home buyers hoping to take advantage of low rates are facing stiff competition and scarce selection. Until interest rates rise or listings begin to increase, the extreme seller’s market will continue.

The key metrics across 19 major metropolitan markets are:

  • Home sales rose 25% from February, but were barely up from 2012, rising just 0.9% year-over-year, the smallest gain in 14 months.
  • The number of homes for sale declined 31% from March 2012 to March 2013 (a slight improvement over the 32% drop in February), and were flat month over month.
  • Home prices in March increased 15% year over year, and rose 6% just since February.
  • The percentage of listings that were under contract within 14 days of their debut inched up yet again from 33.2% in February to 34.8% in March, the highest point on record.

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.

Discussion

  • bizFlats

    This is the first time I have
    come across your site. Post info, I’ll be back soon. Thanks!

  • gcbma

    Your Boston numbers appear to be very wrong. Double check the data going into your reported stats (esp. selling velocity). For example, the Boston column of the Pending Sales tab of your linked spreadsheet is empty.