The Redfin Real-Time Home Price Tracker shows that prices increased 15% on a year-over-year basis in March in the 19 markets that it tracks. This in large part can be attributed to the declining inventory of properties for sale, which fell 31% when compared with March 2012.
When compared with February, prices are up 6% and inventory levels are flat.
Of those 19 markets, only Long Island reported lower prices, down 4% from February but off a mere 0.3% from March 2012.
The situation has led to what Redfin said is a record in home sales velocity, which it defines as the number of home going into contract within 14 days of listing. This is at 34.8% for March.
Previously, Redfin said its
The five markets where homes are selling the fastest are San Jose, San Francisco, Los Angeles and Ventura, all in California; plus Denver.
The only market tracked by Redfin which saw a year-over-year increase in the number of homes for sale is Phoenix, up 5.5%.
