SAN JOSE, Calif., April 17, 2014 /PRNewswire/ -- Realtor.com®, a
leader in online real estate operated by Move, Inc. (NASDAQ: MOVE),
today released its National Housing Trend Report for March 2014. The report shows year-over-year
growth in inventory and days on market, which are welcome signs for
spring home buyers. Combined with modest price increases, this
growth speaks to a healthier market currently than in the early
home buying season in 2013.
Data from realtor.com® reveals the number of homes for sale on
realtor.com® in March rose 9.5 percent above March 2013 levels, to 1,841,844 units. The median
list price of $199,900 was 5.3
percent higher than it was in March of last year, and the median
age of inventory increased 22.9 percent above year-ago figures, to
102 days. These trends suggest that the market is more balanced
than it was in 2013, when a shortfall in available supply led to
double-digit increases in home price in many markets.
Added inventory may mean more affordable prices in many markets
for the first-time and move-up buyer alike. More homes on the
market is a particularly good sign for first-time home buyers, for
whom lack of inventory in 2013 led to intense competition and
created one more barrier to home ownership.
"Bidding wars in many markets last year frequently elevated
offer prices beyond the reach of first-time buyers who could
scarcely save for the down payment," said Steve Berkowitz, CEO of Move. "While inventory
is still low, the continuing annual lift in the number of homes on
the market that we've seen over the first months of 2014 is an
indicator that buying conditions this year may be notably improved
from the frenzied pace of last spring."
While these signs are positive, home sales activity remains
sluggish, and low inventories remain a significant factor in
housing market health. The National Association of REALTORS® (NAR)
Pending Home Sales Index for February
2014 showed a 10.5 percent decline compared to the same
period in 2013, the eighth-straight month of decline for pending
sales. However, the number of contracts signed has remained fairly
stable over the past three months, and NAR reported that buyer
traffic is showing a modest turnaround.
National Key
Market Indicators for March 2014
|
|
|
March
2014
|
Year-over-Year
Percentage Change
|
Month-over-Month
Percentage Change
|
Number of
Listings
|
1,841,844
|
9.5
percent
|
5.6
percent
|
Median Age of
Inventory
|
102 days
|
22.9
percent
|
-10.5
percent
|
Median List
Price
|
$199,900
|
5.3
percent
|
0.5
percent
|
Key market highlights:
- Price increases are strong in California,
Nevada: While California and Nevada markets continue to figure prominently
in the list of areas experiencing the largest year-over-year
increases in median list prices; both Houston and Columbia, MO are new to the list, replacing
Orange County, Calif. and
Los Angeles.
10 Metropolitan Statistical Areas (MSAs)
with
|
the Greatest List Price Increases, Year over
Year
|
|
March 2014 vs. March 2013
|
Stockton-Lodi, CA
|
38.9%
|
Las Vegas, NV-AZ(NV)
|
30.4%
|
Detroit, MI
|
30.0%
|
Reno, NV
|
23.5%
|
Riverside-San Bernardino, CA
|
20.4%
|
Denver, CO
|
20.1%
|
Houston, TX
|
18.5%
|
Fresno, CA
|
17.4%
|
Columbia, MO
|
17.2%
|
Bakersfield, CA
|
16.4%
|
- Denver, Austin in the spotlight for few
days on market: Denver has
taken the top position for fewest days on market, unseating
Oakland, Calif. for the first time
since November 2013. While
Austin is new to the top 10 list
at just over half the national average of 102 days, the other
markets have been there for many months, and are in the process of
a vigorous housing recovery. The average year-over-year increase in
median list price in these markets was just under 15 percent.
10 MSAs with
Fewest Median Days on Market
|
|
March
2014
|
Denver, CO
|
25
|
Oakland,
CA
|
27
|
San Jose,
CA
|
31
|
San Francisco,
CA
|
33
|
Seattle-Bellevue-Everett, WA
|
38
|
Boulder-Longmont,
CO
|
42
|
Anchorage,
AK
|
43
|
Stockton-Lodi,
CA
|
48
|
San Diego,
CA
|
51
|
Austin-San Marcos,
TX
|
52
|
- On the rise: Denver,
Austin, Houston and Chicago: With declining inventories and
days on market year over year, and double-digit increases in list
price, these markets appear to be in a similar supply-driven
adjustment process that led to rapid home price appreciation in
California in 2013. However, the
inventory deficits are not as large, suggesting that these markets
are unlikely to experience the kind of unsustainable appreciation
that occurred in California
through much of last year.
- Market volatility remains: The trend toward moderation
has yet to reach a handful of markets in California, Arizona and Florida that consistently made headlines
during the height of the recession. While last year, many of these
markets – Stockton, Calif.,
Fresno, Calif., Bakersfield, Calif., Riverside, Calif. and Phoenix - experienced some of the most severe
inventory shortages and soaring prices, this year these volatile
markets are experiencing simultaneous surges in prices and
inventory, year over year. If sellers remain too confident and
raise prices too fast, then fewer transactions may take place.
- Month-over-month inventory increases are moderating: Of
the 146 markets tracked by realtor.com®, the number of markets with
declining inventories year over year increased from 44 in February
to 51 markets in March, reversing the steady drop in the number of
markets with declining inventories that had been occurring since
mid-2013. Additionally, the number of markets with increasing
inventories dropped from 99 in February to 91 markets. This
departure from recent trends could forecast a slowing of the
inventory increases of the past several months.
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 providing 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 in order 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), a 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