Home Prices Up 7.6 in January | Redfin
One consistent trend in housing is that prices fall every January. To get the industry’s earliest indication about January prices, today for the first time Redfin is releasing home price information for the current month. According to data from home sales recorded in the first three weeks of January, the median home price is $266,400, down just 1.2 percent from last month, a mere third of last year’s decline. And the median price is actually up a solid 7.6 percent compared with last January.
So what’s different this January? More people listed their homes for sale in December than in any other December since 2008. That led to a 4.8 percent year-over-year increase in total homes for sale heading into January. That much-needed inventory paired with strong buyer demand led to a solid increase in home prices in January compared with last year.