SAN JOSE, Calif., July 3, 2014 /PRNewswire/ -- Nationally,
home prices continue to climb – indicating a more comprehensive,
generalized real estate recovery than a year ago, according to the
May 2014 National Housing Trend
Report released today by realtor.com®, the leader in
providing consumers the most accurate U.S. residential listings
online.* Move, Inc. (NASDAQ: MOVE) operates
realtor.com®.
May's housing report shows all but eight of 146 markets
reporting year-over-year price increases. This May's housing market
stands in significant contrast to last year in which price
increases were less generalized and more concentrated in specific
metropolitan areas. This broad increase in price suggests a more
evenly distributed recovery and a healthier national housing
market.
The median listing price of homes in May
2014 rose 8 percent over last year to $214,900, according to realtor.com®.
Median age of inventory is 78 days – the same as it was during the
localized inventory shortages experienced last year. May home
inventories are down 5.8 percent compared with a year ago.
An important metric – median age of housing inventory – is
identical for this May and last May, as
consumer demand continues to move homes in 2014 as
quickly as last year.
"Home prices are as high as they are because of the low
inventory spread across the nation," said Steve Berkowitz, Move's chief executive officer.
"But we are not seeing the runaway pricing of last year. Nor is the
situation exclusive to the hotbed markets of recent years."
National Key Market Indicators for May
2014
|
May
2014
|
Year-over-Year
Percentage
Change
|
Month-over-Month
Percentage
Change
|
Number of
Listings
|
1,743,065
|
-5.8%
|
-0.4%
|
Median Age of
Inventory
|
78
|
0.0%
|
-4.9%
|
Median List
Price
|
$214,900
|
8.0%
|
2.4%
|
10 Metropolitan Statistical Areas (MSAs) with the Greatest
Median List Price Increases, Year over Year
MSA
|
Median Listing
Price
|
% YY
|
Total
Listings
|
% YY
|
Stockton-Lodi,
CA
|
$285,000
|
42.7%
|
1,291
|
-38.0%
|
Las Vegas,
NV-AZ(NV)
|
$186,085
|
24.1%
|
12,564
|
-28.0%
|
Houston,
TX
|
$245,000
|
23.1%
|
16,687
|
-32.0%
|
Reno, NV
|
$289,900
|
22.9%
|
2,377
|
3.0%
|
Denver, CO
|
$349,900
|
20.7%
|
5,930
|
-20.0%
|
Riverside-San
Bernardino, CA
|
$309,900
|
19.7%
|
18,010
|
20.0%
|
West-AZ-RSA
|
$328,950
|
19.6%
|
2,312
|
16.0%
|
Sacramento,
CA
|
$340,000
|
19.3%
|
6,110
|
-27.0%
|
Boulder-Longmont,
CO
|
$465,000
|
19.3%
|
1,569
|
-34.0%
|
San Diego,
CA
|
$500,250
|
17.7%
|
6,571
|
-15.0%
|
Locally, inventory shortages have not reached the levels of a
year ago. In May 2014, only three
markets – Stockton-Lodi, California; Boulder-Longmont,
Colorado; and Houston,
Texas – reported year-over-year inventory declines in excess
of 29 percent. By contrast, nine markets had inventory deficits of
29 percent or more in May 2013.
California markets that
registered very large declines last year – such as Santa Barbara, Oakland, and Riverside San Bernardino – are
reporting increased inventory this year. Last year, some of these
markets were seeing extreme situations where prices were up more
than 20 percent while inventory was down over 25 percent.
How Data Is Collected
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.
Realtor.com® has revised its December 2013 through April 2014 monthly data. Realtor.com® regularly
reviews and updates historical data in order to provide the most
accurate and comprehensive market information available. To
obtain a copy of revised reports, please email
Lexie.Puckett@move.com.
Supporting Resources
- Read more about realtor.com®
- Follow @realtordotcom on Twitter
- Like realtor.com® on Facebook
*"Most accurate" claim(s) pertain to the accuracy of home
listings, are based on comparison with other national listing
portals, and are based on the greater frequency of listings
updating on realtor.com®.
About Move, Inc. and realtor.com®
Move,
Inc. (NASDAQ:MOVE), the leading producer of online real estate
services, operates realtor.com®, which connects people
to the essential, accurate information needed to identify their
perfect home and to the REALTORS® whose expertise guides
consumers through buying and selling. As the official website of
the National Association of REALTORS®,
realtor.com® empowers consumers to make smart home
buying, selling and renting decisions by leveraging its direct,
real-time connections with more than 800 multiple listing services
(MLS) via computers, tablets and smart phones.
Realtor.com® is where home happens. Move, Inc. provides
consumers a wealth of innovative tools and accurate information
including Doorsteps®, SocialBios™, Moving.com™,
SeniorHousingNet™, New Home Source and Relocation.com. Move, Inc.
supports real estate agents and brokerages by providing many
services to grow their businesses including ListHub™, the nation's
leading syndicator of real estate listings, TigerLead®,
Top Producer® Systems, and FiveStreet as well as many
free services. Move is based in the heart of Silicon Valley –
San Jose, Calif.
REALTOR® and REALTOR.COM® are trademarks
of the National Association of REALTORS® and are used
with its permission. Move, Move.com, Moving.com, Top
Producer®, TigerLead®, ListHub™,
Doorsteps® and SeniorHousingNet™ are trademarks of Move,
Inc. These and all other trademarks used in this work are the
property of their respective owners.
Media Contact: Lexie
Puckett, +1 805-557-3151, Lexie.Puckett@move.com
Forward-Looking Statements
This news 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