SAN JOSE, Calif., Aug. 13, 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
the month of July 2013. July's real
estate market data shows the nation experienced a 5.24 percent
decline in housing inventory, which is the second month in a row
with year-over-year inventory declines in the single digits.
National median list prices increased 5.27 percent year-over-year
while median age of inventory is down 16.67 percent.
While California markets have
dominated the list of markets with the largest housing inventory
declines in the first part of 2013, they have been replaced by a
new set of market leaders including: Detroit, Mich.; Boston; Denver; Honolulu and Naples,
Fla. The large decreases in the for-sale inventory in these
markets suggests the beginning of a housing market recovery process
similar to what was observed in Florida in 2011, and in California in 2012 and 2013.
"The recovery is entering a new phase where inventory shortfalls
are no longer the driving force behind changes in housing prices in
many markets. Larger inventories, especially in the hotter markets
that experienced rapid price increases in the spring, are expanding
buyers' choices and helping to moderate price increases," said
Steve Berkowitz, CEO of Move, Inc.
"This month's report also underscores the uneven nature of the
housing recovery and its dependence on the strength of the local
economy."
Realtor.com®'s Key National Market
Indicators for July 2013
|
|
|
July
2013
|
Year-over-Year
%
Change
|
Month-over-Month %
Change
|
Number of
Listings
|
1,959,030
|
-5.24%
|
1.41%
|
Median Age of
Inventory
|
85 days
|
-16.67%
|
6.25%
|
Median List
Price
|
$199,900
|
5.27%
|
0.00%
|
National Highlights:
- Dramatic national year-over-year inventory declines have
evaporated. Nationally inventories in July are only 5.24
percent below the level of a year ago compared to being down 16.47
percent year-over-year in January.
- Inventory declines decrease in local markets. In
July 2013, the number of markets with
decreases in year-over-year inventory declined from 125 markets in
June to 118 markets in July. This suggests that this fall
inventories in some markets may return to levels of a year ago and
may continue to slow price increases in some markets.
- Markets are still moving fast. All but five markets are
continuing to experience year-over-year declines in age of
inventory and on a month-over-month basis. On a national level,
housing inventory is approximately 17 percent below last year, but
the national age of inventory increased 6.25 percent
month-over-month.
- Price declines decrease in local markets. Median
listing prices are now negative year-over-year in only 31 markets,
which is down from 36 in June.
Market Highlights:
Below are the five MSAs with the largest year-over-year declines
in their for-sale inventories in July
2013. California markets
have dominated the list over the past year and have now been
replaced with a very diverse set of new markets.
For-Sale
Inventory: July 2013
|
Top 5 MSAs with the
Greatest Year-Over-Year Inventory Reductions
|
|
July 2013 vs. July
2012
|
Detroit,
Mich.
|
-30.21%
|
Boston-Wrcstr-Lwrnce-Lowll-Brcktn,
Mass.-N.H.(Mass.)
|
-28.91%
|
Denver
|
-25.10%
|
Honolulu
|
-23.78%
|
Naples,
Fla.
|
-23.05%
|
A growing number of markets are experiencing year-over-year
increases in for-sale inventories. For example, for-sale inventory
was up by one or more percent on a year-over-year basis in 25
markets in July compared to just seven markets in April.
For-Sale
Inventory: July 2013
|
Top 5 MSAs with
Greatest Year-Over-Year Inventory Increases
|
|
July 2013 vs. July
2012
|
Riverside-San
Bernardino, Calif.
|
26.04%
|
Dayton-Springfield,
Ohio
|
23.49%
|
Atlanta
|
17.85%
|
Sacramento,
Calif.
|
16.66%
|
Santa Fe,
N.M.
|
14.02%
|
Areas with inventories having the longest time on market are
shown below. While the Carolinas and Philadelphia have been on the list for the
past several years, Florida
markets are relatively recent entrants.
Median Age of
Inventory
|
Top 5 MSAs with the
Longest Median Days on Market
|
|
July 2013 vs. July
2012
|
South-SC-RSA
|
160
|
Myrtle Beach,
S.C.
|
128
|
Wilmington,
N.C.
|
125
|
Central-FL-RSA
|
125
|
Reading,
Pa.
|
122
|
The 10 areas with the shortest time on market are shown
below. The number of California markets on the list has declined
steadily in the past few months, although Oakland, Calif., continues to have the
inventory with the lowest median age.
Median Age of
Inventory
|
Top 5 MSAs with the
Shortest Median Days on Market
|
|
July 2013 vs. July
2012
|
Oakland,
Calif.
|
20
|
Denver
|
31
|
Seattle-Bellevue-Everett, Wash.
|
36
|
San Jose,
Calif.
|
37
|
Detroit,
Mich.
|
41
|
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 multiple listing services. For
more information on Move, please visit www.move.com or one of its
many online real estate properties including realtor.com® at
www.realtor.com.
Supporting Resources
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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®;
and TOP PRODUCER® Systems. 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