From RealTrends.com: It’s a race against the clock for homebuyers. In its latest home price tracker, Redfin reported a 15% increase in home prices year-over-year in March across 19 major U.S. markets.San Francisco led the price gains with a 31.7% year-over-year increase, according to Redfin.
Inventory, on the other hand, has dropped 31% from March 2012, remaining flat in February. This likely coincides with the 25% leap in closed sales from February to March.
Phoenix is the only market that did not see a drop in inventory, with inventory up 5.5% year-over-year.