Redfin: February home values increase in all of U.S.’ major metros

Redfin: February home values increase in all of U.S.’ major metros

Baltimore, Maryland was one of the few places in which home sales declined in February.Home prices in some of the countries largest metropolitan areas surged by double-digit rates in the month of February, further fueling the notion that the housing sector is back from the brink.According to real estate broker Redfin, home values edged northward by 13 percent last month when contrasted with the same period in 2012 for 19 of the markets tracked. Prices were also higher on a monthly basis, up 2.4 percent from January.The market that saw the biggest upswing in home prices was Phoenix. Redfin data reveals that prices increased more than 30 percent year-over-year. However, the market that saw that largest number of properties purchased was Denver. Home sales in the Mile High City jumped more than 33 percent from February 2012. On the opposite end of the spectrum was Baltimore, where home sales eased approximately 13 percent from last year.The speed with which properties were purchased also trended higher this past month. The online real estate broker notes that approximately one in every three properties listed as for sale was under contract within two weeks of being advertised.The Houston real estate scene is known for properties being snapped up relatively quickly. A separate report also conducted by Redfin shows that Houston was home to the third-fastest real estate market between October 2012 and February 2013.
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