SAN JOSE, Calif., Sept. 12, 2013 /PRNewswire/ -- Realtor.com®,
the leader in online real estate operated by Move, Inc. (NASDAQ:
MOVE), today released the realtor.com® National Housing Trend
Report for August 2013. As the year's
peak home buying season comes to a close, key market indicators
point to a shift in the dynamics of the housing market, suggesting
that future home value appreciations may likely be driven by market
demand, rather than inventory shortages.
An analysis of the summer home buying season ending in August
shows year-over-year changes now within the single-digits for three
key indicators – inventory count, median age and median list price,
signaling a leveling of the market not seen for some time.
The national market was virtually flat month-over-month compared to
July for both inventory and median list price, and registered a
slight increase in median age of inventory.
"Where we have seen significant volatility in many markets,
including double-digit declines in inventory as well as increases
in median price for both yearly and monthly views, we are now
looking at a housing market that is less heated and moving closer
to normalcy," said Steve Berkowitz,
CEO of Move.
Realtor.com®
Key National Market Indicators for August 2013
|
|
|
August
2013
|
Year-over-Year
%
Change
|
Month-over-Month %
Change
|
Number of
Listings
|
1,977,202
|
-2.50%
|
0.93%
|
Median Age of
Inventory
|
92 days
|
-8.00%
|
8.24%
|
Median List
Price
|
$199,900
|
6.39%
|
0.00%
|
National Highlights:
- Widespread Inventory Recovery - The inventory recovery
is broad and growing. The net number of listings increased
even though the summer season is ending. Close to one-third of the
146 markets are within 5 percent of last year's inventory levels,
and more than two-thirds (99) of markets registered a net increase
in inventory over last month.
- Prices Stabilize - Despite the increase in inventories,
the national median list price did not change compared to July.
Absent a significant weakening in economic conditions or
significantly higher rates, prices should continue to slowly rise
alongside typical cost of living increases.
- Price Appreciation Becoming More Widespread - In August,
123 of the 146 Metropolitan Statistical Areas (MSAs) covered by
realtor.com® registered a year-over-year increase in their median
list price, with 78 markets registering an increase of 5 percent or
more. Of the 18 markets reporting a list price
decline, only 11 markets had a year-over-year list price decline of
one percent or more, and only three markets had a list price
decline of 5 percent or more. By contrast, the number
of markets reporting year over year median prices lower than they
were last year was 31 in July.
Local Market Highlights:
- Inventory – The following MSAs saw a significant
decline in inventory:
- Melbourne, Fla.: -30
percent
- Sacramento, Calif.: -26
percent
- Stockton, Calif.: -31
percent
- Median Age – The median age of inventory increased
across the board in 130 of 146 MSAs. The three biggest gainers
were:
- Oakland, Calif: +25
percent
- Denver: +26 percent
- Seattle: +25 percent
- Median List Price – The nationwide median list price had
no significant gains or losses, but the two markets of greatest
change were:
- Highest gain was 6.53 percent for Corpus Christi, Texas
- Lowest decline was -8 percent for Jersey City, N.Y.
- The majority of markets covered by realtor.com® appear to be
ending the 2013 home buying season on a positive note, with more
balanced inventories, shorter time on market, and higher listing
prices compared to one year ago. However, some markets
traditionally focused in the industrial sector continue to struggle
due to weak local economies – examples include markets in the
Carolinas, Philadelphia and
New Jersey.
- California markets continue to
dominate the list of areas experiencing the largest year-over-year
median list price increases, despite the surge in new property
listings that has occurred in most of these areas.
Detroit, Phoenix, Reno,
Nev. and Las Vegas also
continue to be among the nation's top performers in terms of their
year-over-year list price increases.
- Many smaller industrialized markets in the Midwest and the
Northeast continue to struggle, and several major Florida markets are showing signs of
re-emerging weakness. This underscores the uneven nature of
the housing recovery and its dependence on the strength of the
local economy.
Realtor.com® regularly tracks real estate data and develops
monthly reports featuring the number of listings, median age of
inventory and median list price across the U.S. and in specific
markets, as well as provides year-over-year and month-over-month
changes. These reports are the only ones pulled directly from the
realtor.com® database, where 90 percent of listings are updated
every 15 minutes from more than 800 multiple listing services. For
more information on Move, please visit www.move.com or one of its
many online real estate properties including realtor.com® at
www.realtor.com.
Supporting Resources
- Read more about realtor.com®
- Follow @realtordotcom on Twitter
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ABOUT realtor.com®
Operated by Move, Inc.,
(NASDAQ: MOVE), realtor.com® helps connect people with
the content, tools and expertise they need to find their perfect
home. As the official website of the National Association of
REALTORS®, realtor.com® empowers consumers to
make the smartest decisions when it comes to finding a home by
leveraging direct connections with more than 800 MLSs to deliver
the most accurate and up-to-date listing information in
neighborhoods across the country, and by making timely and
meaningful connections between consumers and
REALTORS®. Whether through desktop, mobile, or
tablet versions, realtor.com® is where home happens.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ:MOVE), the leader
in online real estate, operates: realtor.com®, the official
website of the National Association of REALTORS®; Move.com, a
leading destination for new homes and rental listings, moving, home
and garden, and home finance; ListHub™, the leading syndicator of
real estate listings; Moving.com™; SeniorHousingNet; SocialBios;
Doorsteps, TigerLead®; and TOP PRODUCER® Systems. Move, Inc.
is based in San Jose,
California.
Forward-Looking Statements
This press release may
contain forward-looking statements, including information about
management's view of Move's future expectations, plans and
prospects, within the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the results of Move, its subsidiaries, divisions and concepts
to be materially different than those expressed or implied in such
statements. These risk factors and others are included from time to
time in documents Move files with the Securities and Exchange
Commission, including but not limited to, its Form 10-Ks, Form
10-Qs and Form 8-Ks. Other unknown or unpredictable factors also
could have material adverse effects on Move's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. Move cannot guarantee future results,
levels of activity, performance or achievements. Accordingly, you
should not place undue reliance on these forward-looking
statements. Finally, Move expressly disclaims any intent or
obligation to update any forward-looking statements to reflect
subsequent events or circumstances.
SOURCE realtor.com