SAN JOSE, Calif., April 10, 2013 /PRNewswire/ -- Realtor.com,
the leader in online real estate operated by Move, Inc. (NASDAQ:
MOVE), today released its March data on the U.S. housing market
that shows growing optimism and confidence among potential sellers.
Realtor.com's March 2013 data
indicates that while national housing inventory decreased 15.22
percent since last year, the number of listings increased 2.36
percent since February 2013. This
month-over-month increase indicates a renewed willingness in
sellers to put their homes on the market as list prices increased
.05 percent both year-over-year and month-over-month to a national
average list price of $190,000. The
data also showed that the median age of inventory dropped to 78
days — a decrease of 20.41 percent since February.
"The newest data shows that the outlook is optimistic for the
overall real estate recovery," said Steve
Berkowitz, chief executive officer of Move, Inc. "The
housing market is a key indicator for the national economy, and
things are slowly picking up steam. The next three months will be
significant in determining the impact of the recovering housing
market."
A month-over-month inventory increase of 2.36 percent reflects a
rise in new property listings since February
2013, but there are drastically fewer homes on the market
compared with this time last year (15.22 percent less). While the
median age of housing inventory continues to decline year-over-year
by 12.35 percent, the amount of time houses are sitting on the
market has decreased dramatically by 20 days since February,
suggesting that a broad-based housing recovery is beginning to take
hold.
A new trend in median list price has emerged in 2013. Since the
beginning of the year, a growing number of the 146 markets
realtor.com monitors have experienced an increase in list price
year-over-year, while the number of markets that have experienced a
list price decrease since last year declined. The March data shows
that out of the 36 markets that registered a year-over-year
decrease in median list price in the month, only six markets had a
decline that was more than 5 percent, implying that these markets
appear to be within easy striking distance of experiencing house
price appreciation in 2013.
California markets continue to
show impressive recovery, and Denver, Detroit and Seattle are three new markets showing
promising growth. Since March 2011 in
Denver, the median age of
inventory (a measure of the balance between supply and demand) has
dropped from 46 to 24 days. Denver
continues to remain in the top five nationally lowest age of
inventory as it did in 2011, a testament to its consistent
leadership in the housing recovery. In March
2013, Detroit has risen to
realtor.com's 11th spot nationally in its year-over-year list price
increases, ahead of hot California
markets such as Stockton and
San Diego and one spot below
San Francisco. The amount of
inventory in Detroit decreased
26.26 percent year-over-year, and the median age of inventory is
only 45 days compared with 71 in March
2011. Seattle experienced a
dramatic decrease of 40.17 percent in inventory year-over-year,
helping to ignite an increase in median list price of 15.9 percent
since last year. Seattle also
experienced a decrease in median age of inventory of 21.21 percent
month-over-month, another indication that new listings are entering
the local market.
National Data
- In March, the total number of single-family homes, condos,
townhomes and co-ops for sale in the U.S. (1,529,432) increased by
2.36 percent month-over-month. On an annual basis, however,
inventory decreased by 15.22 percent.
- The national median list price for single-family homes, condos,
townhomes and co-ops ($190,000)
increased by .05 percent both year-over-year and month-over-month
in March.
- The median age of inventory of for sale listings fell to 78
days in March, down 20.41 percent from February and 12.35 percent
below the median age one year ago (March
2012).
Local Data
- California continues to lead
the list of the country's top performing housing markets with
largest year-over-year decline in for-sale inventories.
Seattle is the only market outside
of California in the top 10, and
experienced a decline of 40.17 percent in for-sale inventories
year-over-year. The 10 markets with the largest year-over-year
declines in inventory are Stockton-Lodi, Sacramento, Orange
County, Oakland,
San Jose, Los Angeles-Long Beach, Ventura, San
Diego, Riverside-San
Bernardino and Seattle. Of
the 146 markets realtor.com monitors, only nine experienced an
increase in for-sale inventory.
- On an annual basis, March median list prices were up by 5
percent or more in 52 markets, while only six markets experienced a
decline of more than 5 percent. California markets continue to experience the
largest median list prices year-over-year, in addition to the
Phoenix market. While Detroit and Fresno,
Calif., did not make the list of top 10 performers for
median list price, both markets did see list prices increase more
than 40 percent year-over-year.
- The 10 areas with the longest time on market continued to
include the coastal areas of the Carolinas and the resort
communities of Santa Fe, N.M., and
Asheville, N.C. In addition, four
older industrialized areas also appear on the list: Reading, Pa.; Portland, Maine; Albany N.Y.; and Philadelphia. However, with the exceptions of
Albany and Philadelphia, the average age of the inventory
in the remaining areas is down compared with one year ago.
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, with the majority of listings updated every
15 minutes from more than 800 multiple listing services. For more
information on Move, Inc., please visit www.move.com or one of its
many online real estate properties including realtor.com® at
www.realtor.com.
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) is a leader
in online real estate and operator of 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;
TigerLead®; and TOP PRODUCER® Systems. Move, Inc. is based in
San Jose, Calif.
SOURCE realtor.com