Inventory continued to plummet, with the number of homes for sale down 31.8 percent year over year, helping home prices rise 13.2 percent in February. Despite surging homebuyer demand in the new year, the lack of supply has clearly put downward pressure on sales, which increased just 2.3 percent since last year. A big part of the problem is that when a home goes on the market, homebuyers are in a race to get their offers in and start a bidding war. In February, more than one-third of new listings went under contract within 14 days of their debut. In San Francisco and San Jose, CA 57 and 63 percent of homes, respectively, sold that quickly.
For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Price Tracker in Redfin’s Research Center.
