In November, U.S. Home Prices Rose, Inventory Fell, and California Markets Are Still Pinched

Nationally, home prices increased 7.8 percent, and inventory declined 12.8 percent. Sonoma County was affected by October's wildfires with inventory down 31.2 percent year-over-year, and prices up 15.2 percent to a median of $633,000.

“The fires have had a big impact on the people and communities in and around Ventura, Ojai and Santa Barbara,” said Redfin agent John Venti. “Our already low inventory levels are likely to take a beating in the coming months ... But these fires, devastating as they are, are temporary. I’m optimistic that people will resume their holiday festivities and business as usual as soon as the fires are extinguished and the air clears.”

The most competitive market in November was San Jose, CA where 75.9 percent of homes sold above list price, followed by 73.1 percent in San Francisco, CA, 66.0 percent in Oakland, CA, 43.5 percent in Seattle, WA, and 42.0 percent in Tacoma, WA. San Jose, CA and Seattle, WA were the fastest markets at 12 median days on market, followed by Oakland, CA (14), Boston, MA (15) and San Francisco, CA (17).

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