In the 19 largely West Coast markets tracked by the Redfin online brokerage, both home prices and sales dropped slightly in October. But Redfin says no need to worry.
The median sale price dropped just 0.9 percent from September and was up 15.3 percent year over year from the same time last year. Home sales followed the same pattern, dropping 1 percent in October, but increasing 0.6 percent year over year. Inventory, on the other hand, dropped 5.5 percent month over month and 10.4 percent year over year.
Market-Specific Highlights and Lowlights:
- All 19 cities measured saw home prices increase year over year; seven saw month-over-month increases.
- Las Vegas, Sacramento, and Riverside, CA, led the price gains with 30% year-over-year median sale price increases.
- Long Island saw the biggest gains, with home sales up 40.9% from October 2012.
- Sacramento’s sales volumes took the hardest hit with an 18% drop from a year earlier.
- Inventory came in at 245,875 total listings across the 19 metro areas studied.
- San Jose had the largest monthly inventory drop at 17%. Phoenix and Riverside, CA, were the only two cities that saw a month-over-month inventory increase.