Redfin Home Price Index

Prices Rose 0.6% in February, Marking Return to Pre-Pandemic Norm - Seite 2

“Inventory has picked up dramatically in the past two weeks, but it’s getting snatched up quickly,” Loggins said. “Today, I took my clients to see a house that had only been on the market for seven hours—we toured it, they liked it, and I’m about to write an offer.”

Still, competition is nowhere near as fierce as it was during the pandemic, and Redfin agents say that the most important thing sellers can do is avoid overpricing their homes.

Prices Fell in Six Metros, Compared with 13 Metros in January

Home prices fell from a month earlier in six of the 50 most populous U.S. metropolitan areas, many of which were pandemic boomtowns that have since seen their housing markets cool: Tampa, FL (-0.5%), San Antonio (-0.4%), Charlotte, NC (-0.1%), Portland, OR (-0.1%), Fort Worth, TX (-0.1%) and Houston (-0.1%). By comparison, prices fell in 13 metros in January. Prices are likely soft in Texas and Florida in part because those two states have been building a lot of homes, which means supply has increased (rising supply often puts downward pressure on prices). In Florida, condo listings in particular are contributing to the jump in supply amid a surge in HOA and insurance fees.

In Nassau County, NY, home prices rose 2% from a month earlier in February—the biggest increase among the top 50 metros. Next came Montgomery County, PA (2%), Warren, MI (1.9%), Chicago (1.8%) and Indianapolis (1.6%).

To view the full report, including charts and metro-level data, please visit:
https://www.redfin.com/news/redfin-home-price-index-february-2024

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