SAN JOSE, Calif., March 18, 2014 /PRNewswire/ -- Realtor.com®, a
leader in online real estate operated by Move, Inc. (NASDAQ: MOVE),
today released its National Housing Trend Report for February 2014. As prices continue to rise, more
sellers are putting their homes on the market than this time last
year, a sign of confidence in the gains sustained through the
winter and an indication of a strong early beginning to the spring
home buying season.
Data from realtor.com® reveals the number of properties for sale
in February rose 10.1 percent above February
2013 levels, to 1,744,032 units. The median list price at
$199,000 increased 7.6 percent
compared to the same month last year, and the median age of
inventory increased 6.5 percent above year-ago figures, to 114
days.
"Overall these figures indicate a continued reinforcement of
steady gains and market stabilization that we've been watching
since late last summer," said Steve
Berkowitz, CEO of Move. "Seller confidence is the factor to
watch as we head into the spring home buying season, and these are
very encouraging indicators – not only are more homes coming onto
the market, but typically we don't see a rise in asking prices this
early into the year. This is the market these sellers have been
waiting for."
Many have speculated that as homeowners gained equity across
2013, sellers otherwise prevented from making 'life event'
associated housing changes, for various reasons such as births,
children entering school, aging home owners downsizing to smaller
residences and others, now are finally able to tap into the
resources necessary to make those changes. The increase in
inventory is even more noteworthy given the severe climate
conditions that likely dampened a more typical month of listing
activity across much of the nation. Despite these encouraging
gains, however, inventories are still extremely low, and this
remains a key factor to watch for long-term housing market health.
National Key Market Indicators for February 2014
|
February
2014
|
Year-over-Year
Percentage
Change
|
Month-over-Month
Percentage
Change
|
Number of
Listings
|
1,744,032
|
10.1
percent
|
4.3
percent
|
Median Age of
Inventory
|
114 days
|
6.5
percent
|
-0.9
percent
|
Median List
Price
|
$199,000
|
7.6
percent
|
2.1
percent
|
National Perspective
- Widespread inventory increases: Nationally, inventories
in February were 10.1 percent higher than they were one year ago.
Ninety-nine of the 146 markets tracked by realtor.com® saw
year-over-year gains in inventory in February; of those, 63 markets
rose by ten percent or more. The added supply does not appear to be
impacting price gains; just eight markets of those with inventory
gains registered declines in median list price year over year, none
greater than 6.1 percent. Broad inventory gains in more than half
the markets in February are strong signs of a far healthier
inventory than the previous year.
- List prices rise in advance of the buying season:
Despite the increase in inventory, the median list price jumped by
more than 2 percent in February to $199,000, 7.6 percent higher than it was one year
ago. These list price increases are another sign of seller
confidence going into the selling season, as sellers price their
homes in anticipation of market conditions in the coming months.
While annual gains in list price were widespread, they also were
fairly modest throughout much of the country; of the 121 markets
that posted year-on-year gains in median list price in February, 84
markets rose less than 10 percent. These modest increases are
positive signs of a more balanced market overall heading into the
spring season.
- Days on market grow slightly: Along with the notable
uptick in inventory and median list price in February, median age
of inventory gained 6.5 percent in February compared to year-ago
levels, to 114 days. Ninety-three of the markets tracked by
realtor.com® saw increases in time on market in February; of those,
21 markets increased time on market by 20 percent or more.
Forty-five markets still registered year-over-year declines in age
of inventory in February 2014, with
eight markets dropping more than 10 percent compared to year-ago
levels.
Local Market Highlights
- In the California markets that
became overheated last spring, inventories have bounced back.
Stockton has twice as many homes
listed on realtor.com® than they had a year ago. Fresno, Bakersfield, Riverside and Oakland all report year over year increases of
40 percent or more on the numbers of homes for sale.
- Among the 10 largest markets still registering inventory
declines from a year ago, Denver
and Chicago are relatively strong
markets whose median list prices are up on a year-over-year basis
by 19.6 and 14.3 percent, respectively. The inventory deficits in
these markets will likely continue to put significant upward
pressure on housing prices going into the 2014 home buying season.
However, these and a handful of other Colorado markets are unlikely to experience
the kind of appreciation that occurred in California through much of last year, since
the deficits are not as large.
- Despite the encouraging signs of a spreading recovery across
much of the country, weak markets still persist. List prices in 14
markets dropped by more than 1 percent in February, typically in
older, industrialized areas such as Shreveport, Rochester and Omaha. These patterns underscore the
multi-pronged nature of the housing recovery and its dependence on
the strength of the local economies.
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 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), 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