Redfin: Home Prices Increase Again in November

DEC 21, 2012 12:30pm ET

Home prices in November increased by 2.2% over October and by 10.1% over November 2011, but inventory declined by 30% from the same month last year, which is the largest year-over-year drop so far, Redfin said.

Sales fell by almost 15% from November 2012, with Long Island, N.Y., one of the areas hardest hit by Hurricane Sandy at the start of the month, declining by 26%.
Still, Redfin noted each of the 19 markets it tracks had a year-over-year in home price, with Phoenix leading the way at 34%.

The percentage of listings selling within 14 days of their debut was 28.2%. California is the hot state, with six markets there leading the pace: San Jose, 59%; San Francisco, 49.5%; Ventura, 47.6%; Los Angeles, 43.1%; San Diego, 40; and the Inland Empire, 37.3%.

At the other end of the spectrum, only 4.1% of homes in Boston sold within two weeks of listing.

Previously, Seattle-based Redfin predicted the 2013 home buying season should start in early January as strong consumer demand, paired with low inventory, will keep prices rising in the spring.

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