SAN JOSE, Calif., Nov. 19, 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 October 2013. National
housing data shows that the U.S. housing market is in a completely
different position than this time last year, with solid price
increases, steady inventory and strong demand continuing well into
the fall season.
Realtor.com®'s data reveals that October
2013 median list prices were relatively unaffected by the
usual seasonal patterns with a strong 7.57 percent increase year
over year. National inventory is stabilizing after the dramatic
declines seen earlier this year, although the country still is
experiencing significant supply shortages. Most notably, median age
of inventory – a leading indicator of demand – is down 11.32
percent year over year, demonstrating resilience to seasonal
changes and stabilized inventory.
"Instead of the usual seasonal slowdown, October data show the
2013 fall market moving at a fast pace," said Errol Samuelson, president of realtor.com®.
"Inventory has returned to last year's levels, but prices continue
to strengthen and homes are moving significantly faster compared to
this time last year."
"This demonstrates that the overall strength of the national
housing market is determined partly by inventory availability,"
said National Association of Realtors® Chief Economist Lawrence Yun. "We expect rising home price
conditions to continue through the balance of the year."
Key Market Indicators for October
2013
|
October
2013
|
Year-over-Year
Percentage Change
|
Month-over-Month Percentage
Change
|
Number of
Listings
|
1,905,064
|
-1.51
percent
|
-0.71
percent
|
Median Age of
Inventory
|
94 days
|
-11.32
percent
|
1.08
percent
|
Median List
Price
|
$199,000
|
7.57
percent
|
-0.25
percent
|
National Perspective:
- Inventories are now just 1.51 percent lower than they were one
year ago—a dramatic turnaround compared to the substantial
year-on-year declines noted at beginning of this year, which
signals steadying inventory conditions.
- Median age of inventory is down 11.32 percent year over year
and rose slightly on a monthly basis from 93 to 94 days. This
suggests that properties continue to turn over quickly in contrast
to the usual seasonal patterns, and despite increasing prices and
stabilizing inventory.
- Median list prices are 7.57 percent higher than where they were
one year ago. On a month-over-month basis, prices fell slightly in
October but remained resilient against the usual seasonal patterns
and stabilizing inventory.
Local Market Highlights:
- Markets with the strongest demand. Of particular note in
October's figures are the markets with the fastest turnover, some
at roughly half of the national median "days on market" figure of
94 days, and Oakland remains the
national leader at just 30 days – approximately one-third of the
national median. While October's leaderboard is a continuation of
September's fastest moving markets, these are beginning to show an
easing that tracks with the national month-over-month trend; only
Washington, DC has shortened its
age of inventory from September, and the rest have increased time
on market, while Phoenix remained
flat.
Median Age of Inventory
10 Metropolitan Statistical Areas (MSAs) with the Shortest
Median Days on Market
October
2013
|
Oakland,
CA
|
30
|
San Francisco,
CA
|
48
|
San Jose,
CA
|
48
|
Denver, CO
|
48
|
Stockton-Lodi,
CA
|
48
|
Washington,
DC-MD-VA-WV(DC)
|
49
|
Phoenix-Mesa,
AZ
|
50
|
Detroit,
MI
|
52
|
Sacramento,
CA
|
54
|
Seattle-Bellevue-Everett, WA
|
55
|
- Widespread median list price increases. The majority of
housing markets are registering positive signs, with 85 percent of
the 146 markets covered by realtor.com® showing year-over year
increases in median list price, and just 19 markets registering
year-over-year price declines in October. Detroit continues to lead the country in
year-over-year list price increases, followed by markets in
California and Nevada.
- Local market inventories shift – decreases steady and
increases are on the rise. The number of markets where
inventories were down by 5 percent or more on a year-over-year
basis continued its steady decline, dropping from 102 markets in
June to 65 markets in October. At the same time, inventory grew in
more than twice the number of markets in October (49) compared to
June (22), and the number of markets with inventories that are up
by at least 5 percent over the year rose from 15 markets in June to
30 markets in October.
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 MLSs. National data in October
reflects an adjustment in inventory of approximately 1 percent
compared to previous months, reflecting an update in four southern
California markets identified by
realtor.com's® enhanced auditing protocols and attributed to a
system change in data collection earlier in the year. We regularly
review and update historical data to provide the most accurate and
comprehensive market information available. For more information on
Move, please visit www.move.com or one of its many online real
estate properties including realtor.com®.
Supporting Resources
- Read more about realtor.com®
- Follow @realtordotcom on Twitter
- Like realtor.com® on Facebook
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®
Top Producer® Systems and FiveStreet. 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