Thursday , 24 April 2014
REEW Launches New Site! - Latest Articles:
Home » Beyond Today's News » September Regional Reports: Prices, Sales Drop Sharply
Fall came faster than expected to Western and Midwestern markets in two new September market reports from online brokerages.

September Regional Reports: Prices, Sales Drop Sharply

Fall came faster than expected to Western and Midwestern markets in two new September market reports from online brokerages.

For the month ended Sept. 15, median list prices in 24 metropolitan areas were 14 percent above pries a year ago but down from a nearly 16 percent annual gain in August. Median price increases shrank in 19 out of 24 markets. The median sale price of about $272,000 in mid-September was also about 2% lower than in mid-August 2013, according to Lanny Baker, CEO and President of ZipRealty.

“Further moderation in trends was evident in sold-to-list price ratios, new listings volume, pending sales volume, and days on market data for mid-September,” said Baker. “The median number of days on market inched up from 28 in mid-August to 30 in mid-September, though houses are still selling faster this year than last year in every city except Phoenix.”

In September, home sales, prices, and inventory all dropped from August, according to Redfin’s analysis of 19 largely West Coast markets. Prices had their third consecutive month-over-month drop, falling 2.2 percent. Home sales dropped 18.8 percent from August, and inventory fell 3.4 percent. Year over year, prices are up 15.9 percent and home sales up 8.1 percent.

September 2013 Month-Over-
Month Change
Year-Over-Year
Change
Median Sale Price $330,470.00 -2.20% 15.90%
Total Homes Sold 73,781 -18.80% 8.10%
Total Homes For Sale 234,670 -3.40% -17.50%

Redfin reported that

  • Eighteen of the 19 cities measured saw home prices increase year over year; eight saw month-over-month increases.
  • Las Vegas led the price gains with a 30.3% year-over-year increase. Philadelphia was the only market without a year-over-year gain; prices were flat at 0.0 percent.
  • Chicago saw the biggest sales gains, with home sales up 25.9% from September 2012.
  • Sacramento’s sales volumes took the hardest hit with a 8.9% drop from a year earlier.
  • Inventory came in at 234,670 total listings across the 19 metro areas studied.
  • Las Vegas had the largest inventory drop at 46.6%. The only market with a yearly increase in homes for sale was Phoenix, with a 1.7% bump.

According to ZipRealty, the top 10 markets based on percentage median price growth as of Sept. 15 were:

Metro Year-Over-Year Price Growth
1) Sacramento 33%
2) Las Vegas 31%
3) Los Angeles 26%
4) San Francisco Bay Area 25%
5) Phoenix 23%
6) Orlando 21%
7) San Diego 21%
8) Orange County 20%
9) Portland 15%
10) Chicago 15%

The 10 ZipRealty markets with the greatest number new listings as of Sept. 15 were:

Metro YOY Increase in New Listings
1) Denver 19%
2) Tucson & Orange County 15%
3) Baltimore 14%
4) Washington, DC/Northern Virginia & Richmond, Va. 11%
5) San Diego & Seattle 10%
6) Raleigh 9%
7) Dallas 8%
8) Chicago & Orlando 7%
9) Houston & Sacramento 6%
10) Los Angeles 5%

3 comments

  1. I’m not that much of a online reader to be honest but your sites really nice, keep it up!
    I’ll go ahead and bookmark your website to come back
    later. All the best

    Check out my web-site; townhomes for rent by owner in atlanta ga

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>