SAN JOSE, Calif., Dec. 23, 2013 /PRNewswire/ -- Realtor.com®,
the leader in online real estate operated by Move, Inc. (NASDAQ:
MOVE), today released its National Housing Trend Report for
November 2013. November figures
indicate continued improvement from this time last year, in spite
of the first signs of seasonal influences.
Data from realtor.com® reveal that November 2013 median list prices remained
unusually strong for the season, showing a healthy 6.9 percent
increase year over year while declining 0.7 percent month over
month. National inventory appears to be stabilizing from dramatic
drops in the beginning of the year, although the country is still
experiencing significant supply shortages. Housing inventory
increased 0.2 percent above year-ago levels – the first
year-on-year increase in 2013 – while declining slightly from the
previous month, a sign of seasonal influences. Median age of
inventory is down 10.6 percent compared with year-ago levels,
showing significantly stronger activity compared to the same time
last year. Month over month, median age of inventory did show
some seasonal change with an increase of 7.5 percent.
"The housing market in November continues to demonstrate
encouraging signs of sustainability for the escalating gains this
year in price," said Errol
Samuelson, president of realtor.com®. "With demand in a much
stronger position compared to last year, we anticipate these gains
to remain steady into 2014, but with increases expected at a more
moderate pace than we have seen in 2013."
The National Association of Realtors® (NAR) also recently
predicted a flattening trend for 2014, noting that low housing
inventory is holding back sales while pushing prices higher in much
of the country. NAR recently reported that existing-home sales
declined for the third consecutive month in November.
Key Market Indicators for November
2013
|
November
2013
|
Year-over-Year
Percentage Change
|
Month-over-Month
Percentage Change
|
Number of
Listings
|
1,846,155
|
0.2
percent
|
-3.1
percent
|
Median Age of
Inventory
|
101 days
|
-10.6
percent
|
7.5
percent
|
Median List
Price
|
$197,700
|
6.9
percent
|
-0.7
percent
|
National Perspective:
- Inventories in November are just slightly higher (0.2 percent)
than they were one year ago – a dramatic turnaround compared to the
substantial year-over-year declines noted at the beginning of this
year.
- Median age of inventory is still down 10.6 percent
year-over-year in spite of its seasonal monthly rise from 94 to 101
days. This suggests that properties continue to turn over
relatively quickly regardless of the winter season, and despite
increasing home prices and stabilizing inventory.
- Median list prices are 6.9 percent higher than where they were
one year ago. On a month-over-month basis, prices fell slightly in
November but have remained resilient against the usual seasonal
patterns and stabilizing inventory.
Local Market Highlights:
- List prices still on the rise. The majority of housing
markets are registering positive signs, with 111 of the 146 markets
covered by realtor.com® showing year-over-year increases in their
median list price of 1 percent or more, and only 10 markets
registering declines of 1 percent or more. California and Nevada markets continue to lead the country in
terms of year-over-year-list price increases, followed by
Arizona, Florida, and other areas that were once the
epicenters of the housing crisis. The Detroit metro market also has shown solid
gains.
- Inventory shortages have moderately eased. In many of
these housing markets, rising list prices were primarily driven by
a shortage in for-sale inventories. While still significant, these
shortages are abating as sellers have attempted to take advantage
this year of improving housing conditions. While inventories
continue to be down on a year-over-year basis in the majority (86)
of housing markets, the shortfalls are gradually declining.
The 10 Metropolitan Statistical Areas (MSAs) with the largest
year-over-year declines in their for-sale inventories in
November 2013 are listed below. While
California housing markets
dominated the list earlier in the year, this is no longer the case.
With a few exceptions, California
markets have largely been replaced by a few housing markets in
Florida, as well as other markets
that have recently drawn wide attention such as Boulder, Colo. and Detroit.
Inventory Reductions
10 Metropolitan Statistical Areas (MSAs) with the Greatest
Year over Year Inventory Reductions
November 2013 vs.
November 2012
|
MSA
|
Nov. 2013
Total Listings
|
YoY
change
|
Santa Barbara-Santa
Maria-Lompoc, CA
|
1,090
|
-21.2%
|
Naples, FL
|
5,682
|
-16.8%
|
Boulder-Longmont,
CO
|
1,936
|
-16.0%
|
Honolulu,
HI
|
2,842
|
-15.2%
|
West Palm Beach-Boca
Raton, FL
|
15,824
|
-15.1%
|
Middlesex-Somerset-Hunterdon, NJ
|
6,516
|
-14.9%
|
Orange County,
CA
|
8,464
|
-14.8%
|
Detroit,
MI
|
16,070
|
-13.7%
|
St. Louis,
MO-IL(MO)
|
12,034
|
-13.3%
|
Fort Worth-Arlington,
TX
|
7,948
|
-12.5%
|
- Age of inventory data tracks with recent hot and cold
markets. Those markets with the shortest average days on market
are similar to those of recent months – such as Oakland, Calif., San
Jose, Calif., Phoenix,
Detroit, and Honolulu. This demonstrates a continued steady
rate of speed in those markets that have recently seen rapid
movement. The areas with the longest days on market –
Santa Fe, N.M. (144), Wilmington, N.C. (137), Philadelphia (131) and Reading, PA (123) – highlight the continued
weakness in some resort markets and older, industrialized
communities.
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. 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 from 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