Welcome!

Adobe Flex Authors: Matthew Lobas, PR.com Newswire, Shelly Palmer, Kevin Benedict

News Feed Item

Home Sales Surge Nearly 22% in October as Prices Continue to Rise in Redfin Real-Time Home Price Tracker

SEATTLE, Nov. 14, 2012 /PRNewswire/ -- Technology-powered real estate broker Redfin (www.redfin.com) today released its Real-Time Home Price Tracker for October 2012, showing home sales increasing 21.8 percent across 19 major U.S. markets. From September to October, home sales increased 9.8 percent, an unusual gain for this time of year. The report also showed:

Home prices continuing to rise:

  • Home prices in October increased 8.4 percent year over year, and were up just 0.4 percent month over month.

Inventory still at historic lows:

  • The number of homes for sale declined 29.4 percent from October 2011 to October 2012 (even larger than the 28.1% drop in September), and declined by 5.3 percent since September.

Homes still selling quickly:

  • The percentage of listings that sold within 14 days of their debut inched up to 28.2 percent in October.

(Photo:  http://photos.prnewswire.com/prnh/20121113/SF11669)  

"With supply low, and, the economy slowly improving due to record-low interest rates, demand has increased. Household formation is now at a record high. High demand and low supply drives prices up," said Glenn Kelman, CEO of Redfin. "The $64,000 question is whether more people will list their homes for sale in 2013. Based on the conversations our agents have been having with homeowners, we think they will. We also believe that demand among home-buyers will increase, though that prediction has become less certain late in the year: almost no new Redfin customers are touring homes right now, fewer even than last year. But those who have been touring are writing offers at record levels. Everyone wants to get married on the first date."

This report is the earliest monthly analysis of home prices, sales and inventory across 19 U.S. markets, published weeks before any other index, based on the local databases used directly by Realtors to list properties and record sales. Click the following link to read the complete Redfin Real-Time Home Price Tracker. http://blog.redfin.com/?p=9746

Market-Specific Highlights and Lowlights:

Home Prices

  • Seventeen of the 19 markets studied had higher prices than a year earlier.
  • Phoenix showed the highest gain at 34% year-over-year.
  • Long Island suffered the most, down 1.4% since September 2011.

Inventory

  • The top seven markets with the largest year-over-year drop in inventory were all in California: Sacramento (-66.3%), Ventura (64.1%), San Francisco (-58.7%), Inland Empire (58.0%), San Jose (-57.4%), Los Angeles (-56.3%) and San Diego (-54.6%).
  • The market with the smallest year-over-year drop in inventory was Chicago with inventory 4.3% lower than last year.

Selling Velocity

  • The top six fastest-selling markets (% of homes selling in two weeks or less) are all in California: San Jose (56.3%), Ventura (50.8%), San Francisco (47.2%), Los Angeles (44.1%), San Diego (43.2%) and Inland Empire (40.9%).
  • The slowest-selling market is Boston, with only 4.4% of homes selling in 14 days or less.

About the Real-Time Home Price Tracker
As a broker with access to dozens of Multiple Listing Services (MLSs) used by real estate agents to list properties and record sales, Redfin gets data within minutes of a sale, pending sale or listing activation, well before any government, media or analytics organization. Using MLS fields, Redfin is able to distinguish houses from condominiums and townhouses, which often sell for less money. To validate the accuracy of the data and to account for sales not handled by a real estate agent, Redfin compares MLS data with county records as they become available, using sophisticated algorithms to identify and resolve disparities about square footage or price for each address. Data at the local and neighborhood level are available in a spreadsheet, and the report methodology is available as an Adobe document.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin, has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 19 U.S. markets, and has closed more than $5 billion in home sales. Follow us on blog.redfin.com or @redfin.

SOURCE Redfin Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...