November 2012

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Page 58 of 79

THE LATEST ANALYTICS tinue to sell quickly, according to Redfin. The company's study shows the percentage of list- ings that sold within 14 days of their debut held at 27 percent in September. Redfin's real-time tracker inventory still dropping and demand fairly steady." Homes on the market con- provides monthly data on home prices, sales, and inventory, based on the local databases used directly by real estate agents to list proper- ties and record sales. As a real estate broker itself, Redfin has access to dozens of Multiple Listing Services (MLSs) used by agents, which means the company gets its data within minutes of a sale, pending sale, or listing activation. Kelman notes that in the most volatile markets, including Southern California, Phoenix, and Las Vegas, Redfin's study showed a continuance of big price gains in September. Fifteen of the 19 markets studied had higher prices than a year earlier. Phoenix showed the greatest appreciation at +30 percent year- over-year. Philadelphia suffered the biggest loss of -3 percent from September 2011. The top seven markets with Home Prices Avoid Usual Seasonal Retreat Redfin's recent housing market report showed strong September findings in diverse areas of the country. H sales posted a 4 percent annual increase, even as housing metrics began their typical seasonal declines, according to Redfin's analysis of activity across 19 major U.S. markets. Between August and ome prices in September were up 5 percent year-over- year while home September, these 19 markets saw 58 | THE M REPORT prices decline just 0.8 percent, which Redfin says is a smaller decline than is customary at this time of year. Over the same period, home sales dropped 17 percent—a figure the company says represents "a typical sea- sonal decline." According to Redfin's report, 29.3 percent from September 2011. Inventory fell by 4.3 percent from August to September. "September is usually the the number of homes for sale in the markets studied as of September 2012—198,581—is down month that real estate goes on sale, like Christmas toys in January. Whatever didn't sell in the summer gets marked down for a September closing," said Redfin CEO Glenn Kelman. "This September, we saw only a modest decline in prices, with est annual drop in supply was Chicago—5.1 percent from inventory levels at the same time last year. The fastest-selling markets— the largest year-over-year drop in inventory in September were all in California: Sacramento (-66.4 percent), Ventura (-64.8 percent), Inland Empire (-58.8 percent), San Francisco (-57.6 percent), San Jose (-55.7 percent), Los Angeles (-55.3 percent), and San Diego (-53.5 percent). The market with the small- which Redfin assesses as the percentage of homes selling in two weeks or less—are also all in California: San Jose (55.9 percent), Ventura (51.7 percent), San Francisco (46.8 percent), Los Angeles (41.4 percent), San Diego (40.9 percent), and Inland Empire (40.6 percent). The slowest-selling market is Boston, according to the broker- age firm, with only 3.7 percent of the homes for sale in September selling in 14 days or less. SECONDARY MARKET ANALYTICS SERVICING ORIGINATION

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