Welcome!

News Feed Item

Redfin Housing Market Tracker: Four Reasons Things Could Improve in the Second Half of 2014

The housing market’s performance so far this year left a lot to be desired, but Redfin (www.redfin.com) expects the market in urban areas to regain its footing over the second half of 2014. In the June 2014 Redfin Housing Market Tracker, Redfin chief economist Nela Richardson predicts a late summer rebound for four reasons:

1. Sales are catching up to 2013’s highs.

With 114,240 home sales, June 2014 came close to the high bar set last year, which was the strongest year for home sales since the recession. In June, sales were down only 2.5 percent year over year. Sales in the second quarter of 2014 are up 45 percent from the first three months of the year.

2. Homebuyer demand is up.

Redfin data shows that the number of customers going on tours with Redfin agents in June was up 27.1 percent from a year ago. Tour growth in bucking seasonality trends, which tend to peak in May. This indicator of buyer demand continues to strengthen as we head into the second half of the year.

“In Atlanta, the market slowed in late spring and felt really quiet around Memorial Day. But once summer officially started, the buyers came back,” said James Marks, Redfin real estate manager for the Southeast region. “Last year, a lot of homebuyers who got frustrated by the low inventory gave up on buying and re-signed their leases. Their leases are about to expire and now they’re back, taking a fresh look at the new, but still limited, inventory.”

3. Price growth is becoming more sustainable.

Even as the median sales price in June topped $300,000 in urban markets, price growth reached a two-year low of 6.4 percent. Prices over the past three years have been an expensive roller coaster for both buyers and sellers, depreciating in 2011 and jumping by double digits by the end of 2012. Price growth through 2013 averaged 14 percent. In June, the median sales price grew at half that rate, much more in line with a sustainable rate that won’t have the market panting to keep up.

4. Home inventory is returning, albeit slowly.

In June, for a second month in a row, the number of homes for sale was above 500,000 — up 8 percent from this time last year. In 22 of 30 markets, there were more homes for sale than last year. The biggest year-over-year increases in homes for sale were in Riverside, California (28.1%), Phoenix (25.2%) and Orange County, California (24.6%).

So while the main long-term drivers of housing activity remain stalled — namely below-average growth in median household income, labor force participation, bank lending and household formation — metro markets continue to get a boost from pent-up demand caused by the low inventory that plagued housing for the past two years.

The second half will not be without its wobbles. The housing market will have to jockey between poor economic indicators and pent-up buyer demand. But the housing market can maneuver around the juggernaut of subpar long-term economic fundamentals, based on the very real difference between this year and any other year post-crisis: Housing is now edging back to normal.

To read the full report, complete with data, charts and more commentary, visit http://www.redfin.com/research/reports/real-time-housing-market-tracker/2014/housing-market-tracker-june-2014.html.

Connect with Redfin

Facebook
Twitter
Instagram
Google+
LinkedIn
Blog
Download the Redfin mobile app

About Redfin

Redfin (www.redfin.com) is a customer-first real estate brokerage 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 salespeople, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busi...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.