Home sales in November saw a surprisingly steep drop, down 16.8 percent from October and falling 10.9 percent year over year. This is the first time in 2013 home sales have dipped below 2012 levels.
Low inventory contributed to the decline, which fell 8.2 percent from last month and 10.5 percent year over year. Home prices continued to show yearly gains, up 12.6 percent from November 2012. However, this was the smallest year-over-year price increase so far in 2013. Month over month, home prices remained relatively flat, falling just 0.5 percent from October, according to the Redfin Real-Time Home Price Tracker.
- All 19 cities measured saw home prices increase year over year; eight saw month-over-month increases.
- Las Vegas led the price gains with a 25.9% year-over-year increase. Philadelphia had the smallest gains, with prices up 1.4% from last November.
- Long Island had the largest increase in home sales, up 28.5% from November 2012.
- Sacramento’s sales volumes had the sharpest decline, down 26.1% from a year earlier.
- Inventory came in at 226,129 total listings across the 19 metro areas studied.
- San Jose had the largest monthly drop, with homes for sale down 25.9%. Phoenix was the only market with a monthly increase, up 4.5%.