September Regional Reports: Prices, Sales Drop Sharply | Cross River Real Estate

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 2013Month-Over- Month ChangeYear-Over-Year Change
Median Sale Price$330,470.00-2.20%15.90%
Total Homes Sold73,781-18.80%8.10%
Total Homes For   Sale234,670-3.40%-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:

MetroYear-Over-Year Price   Growth
2)Las Vegas31%
3)Los Angeles26%
4)San Francisco Bay   Area25%
7)San Diego21%
8)Orange County20%


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

MetroYOY Increase in   New Listings
2)Tucson &   Orange County15%
4)Washington,   DC/Northern Virginia & Richmond, Va.11%
5)San Diego &   Seattle10%
8)Chicago &   Orlando7%
9)Houston &   Sacramento6%
10)Los Angeles5%



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