SANTA CLARA, Calif.,
March 3, 2022 /PRNewswire/ -- New
data suggests Spring homebuying fever has already set in, as the
U.S. median listing price hit a new all-time high of $392,000 in February, according to the
Realtor.com® Monthly Housing Trends Report released
today. Additionally, home prices grew at an unusually-fast February
pace in many of the 50 largest metros, led by Las Vegas, Miami and Tampa,
Fla. with annual increases of at least 31% each.
"Over the last five years, we have seen home prices
break records early in the season as buyers try to get ahead of the
competition. But this is the first time the record has been broken
in February, signaling that competition is already heating up weeks
before the start of the Spring buying season in a typical year,"
said Realtor.com® Chief Economist Danielle Hale. "While the number of
homes on the market remains woefully behind buyer demand, in
February we saw declines in new listings improve for the first time
since November 2021, indicating
potential hope on the horizon. Whether inventory continues to
improve will depend on a variety of economic and geopolitical
factors, including the conflict in Ukraine and mortgage rate hikes, which
haven't impacted home sales or price growth so far,
but will increasingly lessen buyers' purchasing
power."
February 2022
Housing Metrics – National
|
|
Metric
|
Change Over Feb.
2021
|
Change Over Feb.
2020
|
Active Listing
Count
|
-24.5%
|
-62.6%
|
New
listings
|
-0.5%
|
-14.5%
|
Median Listing
Price
|
12.9%
|
26.6%
|
Median Days on
Market
|
-17 days
|
-32 days
|
The national listing price broke a new record in February,
signaling an early start to the 2022 Spring buying
season
Housing affordability is increasingly an issue for
2022 buyers, partly due to climbing mortgage rates, which reached
the highest level in nearly three years within the first two
months of the year. With further hikes looming, February data
suggests competition intensified as motivated buyers raced to lock
in relatively affordable monthly payments. As a result, the
national listing price exceeded the record set during the 2021
summer frenzy. While it's not uncommon for home price
growth to begin accelerating in February, Realtor.com®
data history shows listing prices didn't surpass
previous peaks until at least March in every year from
2017-2021.
- In February, the U.S. median listing price increased 12.9%
year-over-year to a new all-time high of $392,000, surpassing the 2021 peak (at
$385,000 in July).
- Home prices posted smaller yearly gains in the 50 largest U.S.
markets, up by an average of 7.8% year-over-year, mostly due to a
larger number of smaller homes coming on the market. On average,
big metro listing prices per square foot (+11.6% year-over-year)
increased nearly as quickly as the overall national pace.
- February's biggest listing price gains were in
southern (+12.5%) and western (+12.1%) metros, led by Las Vegas (+39.6%), Miami (+31.6%) and Tampa, Fla. (+31.5%).
- Home prices declined over last year in 13 markets, including
Rochester, N.Y. (-18.2%),
Detroit (-16.5%) and Pittsburgh (-14.0%). However, on a square foot
basis, February listing prices were down in just five metros.
Inventory improvements offer buyers a potential light in the
supply shortage storm
For the first time since last fall,
yearly inventory declines improved slightly in February, largely
due to rising numbers of new sellers. In fact, during the final two
weeks of the month, more new sellers entered the market than during
the same time last year. Further new listings growth, which is
typical heading into the spring, will be key to
inventory's forecasted recovery from 2021 lows.
However, with 5.8 million new homes missing from the market
and millions of millennials at first-time buying ages, housing
supply faces a long road to catching up with demand. Additionally,
recent bigger picture developments, like geopolitical tensions in
Europe, could play a wildcard in
consumer sentiment related to major financial decisions, including
homebuying and selling.
- The U.S. inventory of active listings declined 24.5%
year-over-year in February, improving slightly over last
month's annual gap (-28.4%). However, there were still
122,000 fewer available listings than during a typical day in
February 2021 and inventory was down
62.6% from February 2020.
- Relative to all active inventory, annual declines in new
listings improved more significantly in February, down just 0.5%
nationwide versus the 9.1% drop registered last month.
Additionally, new listings grew on a year-over-year basis in the
final two weeks of the month.
- Inventory remained below February
2021 levels in 46 of the 50 largest U.S. markets, but grew
in Riverside, Calif. (+6.3%),
Phoenix (+4.2%), Austin, Texas (+1.5%) and Sacramento, Calif. (+0.3%), marking the first
month that supply increased in any large metro since October 2021.
- In another early Spring sign of rising for-sale home options,
more new sellers entered the market than last year in nearly half
(23) of the 50 largest markets. Furthermore, seven of these metros
posted double-digit annual new listings gains: Milwaukee (+21.9%), New York (+19.5%), Oklahoma City (+16.3%), Kansas City (+15.6%), Philadelphia (+15.5%), Portland, Ore. (+12.5%) and Birmingham (+11.6%).
Homes continue to fly off the market, selling a month faster
than in 2017-2019
Following a record-setting first month of
the year, February time on market trends showed no signs of slowing
down. Likely motivated in large part by climbing mortgage rates,
buyers snatched up the inventory of new and active listings more
quickly than in any prior February, and over a month faster than in
2017-2019, before the onset of COVID. Relative to national time on
market, home sales notched an even faster-moving February across
the 50 largest U.S. metros, only three of which posted time on
market gains.
- In February, the typical U.S. home spent 47 days on market,
over two weeks faster (-17 days) than in 2021 and over a month (-38
days) faster than typical February timing from 2017-2019.
- Homes moved even more quickly in the 50 largest U.S. metros, at
an average of 39 days on market in February. Homes sold in the
least amount of time, at 16 days or less each, in Denver, San Jose,
Calif. and Nashville,
Tenn.
- Among large metros, February's biggest declines in
time on market were registered in Miami (-34 days), Orlando, Fla. (-29 days) and Indianapolis (-21 days). Time on market
increased in just three metros, which were Buffalo, N.Y. (+10 days), Oklahoma City (+6 days) and Cincinnati (+4 days).
"It can be easy to get swept up in competition, so
buyers should take the time to assess how higher mortgage rates
could impact the affordability of monthly payments and consider
adding a cushion at the top of their budgets. Tools like the
Realtor.com® Mortgage Calculator can help you
scenario plan for various rates so you're better
prepared – not only for a successful buying experience, but also to
comfortably afford your monthly housing costs once you have the
keys in-hand," said George Ratiu,
Manager of Economic Research and Senior Economist at
Realtor.com®.
Ratiu's advice is also relevant to the many sellers
simultaneously buying a home, who can use tools like the
Realtor.com® Seller's Marketplace to
help them manage the many fast-moving parts of both processes and
explore selling options like initial cash offers from Opendoor.
January 2022
Housing Metrics – 50 Largest U.S. Metros
|
|
Metro
|
Median
Listing
Price
|
Median
Listing
Price
YoY
|
Median
Listing
Price
per Sq.
Ft. YoY
|
Active
Listing
Count
YoY
|
New
Listing
Count
YoY
|
Median Days on
Market
|
Median Days on
Market YoY
|
Price
Reduced
Share
|
Price
Reduced
Share YoY
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$390,000
|
7.6%
|
8.8%
|
-17.4%
|
-1.0%
|
37
|
-5
|
10.8%
|
1.4%
|
Austin-Round
Rock,
Texas
|
$570,000
|
31.0%
|
15.4%
|
6.6%
|
-3.1%
|
27
|
-17
|
6.2%
|
2.6%
|
Baltimore-Columbia-
Towson, Md.
|
$300,000
|
-3.8%
|
6.0%
|
-6.2%
|
4.9%
|
40
|
-15
|
13.5%
|
0.7%
|
Birmingham-Hoover,
Ala.
|
$257,000
|
-1.5%
|
6.2%
|
-19.8%
|
16.2%
|
38
|
-19
|
11.0%
|
-0.5%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$749,000
|
10.2%
|
12.5%
|
-29.4%
|
-8.7%
|
29
|
-8
|
6.8%
|
-0.9%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$210,000
|
-4.5%
|
5.1%
|
-10.8%
|
0.0%
|
71
|
0
|
9.1%
|
-0.8%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$400,000
|
11.0%
|
15.5%
|
-34.5%
|
-25.0%
|
31
|
-4
|
10.0%
|
0.0%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$325,000
|
-4.4%
|
-1.0%
|
-29.2%
|
-14.3%
|
43
|
-5
|
10.5%
|
0.5%
|
Cincinnati,
Ohio-Ky.-Ind.
|
$334,000
|
2.8%
|
14.5%
|
-15.1%
|
8.0%
|
66
|
4
|
10.2%
|
-0.4%
|
Cleveland-Elyria,
Ohio
|
$175,000
|
-12.5%
|
0.9%
|
-9.2%
|
-8.5%
|
59
|
-8
|
12.5%
|
0.0%
|
Columbus,
Ohio
|
$325,000
|
8.3%
|
12.3%
|
-4.7%
|
-3.5%
|
30
|
-9
|
9.8%
|
-2.9%
|
Dallas-Fort
Worth-Arlington, Texas
|
$404,000
|
12.5%
|
17.3%
|
-34.2%
|
-0.3%
|
34
|
-8
|
6.4%
|
-2.7%
|
Denver-Aurora-Lakewood, Colo.
|
$649,000
|
18.0%
|
7.1%
|
-30.8%
|
-7.0%
|
10
|
-12
|
4.3%
|
-3.1%
|
Detroit-Warren-Dearborn, Mich.
|
$215,000
|
-17.3%
|
-2.5%
|
-4.4%
|
12.1%
|
38
|
-9
|
12.5%
|
2.0%
|
Hartford-West
Hartford-East Hartford, Conn.
|
$360,000
|
20.0%
|
27.2%
|
-64.0%
|
-2.4%
|
63
|
7
|
7.3%
|
0.7%
|
Houston-The
Woodlands-Sugar Land, Texas
|
$360,000
|
8.1%
|
13.8%
|
-23.8%
|
-5.8%
|
43
|
-9
|
12.2%
|
0.5%
|
Indianapolis-Carmel-Anderson, Ind.
|
$290,000
|
9.4%
|
14.8%
|
-25.6%
|
-1.8%
|
44
|
-20
|
11.2%
|
-1.3%
|
Jacksonville,
Fla.
|
$393,000
|
21.0%
|
22.8%
|
-26.3%
|
1.9%
|
41
|
-16
|
9.3%
|
-2.4%
|
Kansas City,
Mo.-Kan.
|
$385,000
|
10.0%
|
16.7%
|
-3.1%
|
17.7%
|
67
|
-3
|
7.8%
|
-1.3%
|
Las
Vegas-Henderson-Paradise, Nev.
|
$474,000
|
39.5%
|
28.6%
|
-31.4%
|
-9.2%
|
27
|
-12
|
8.6%
|
-0.3%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$919,000
|
-8.1%
|
2.8%
|
-36.0%
|
-11.0%
|
29
|
-6
|
6.4%
|
-2.3%
|
Louisville/Jefferson
County, Ky.-Ind.
|
$280,000
|
7.7%
|
10.3%
|
-7.2%
|
2.1%
|
39
|
-3
|
13.1%
|
1.7%
|
Memphis,
Tenn.-Miss.-Ark.
|
$227,000
|
-1.3%
|
11.6%
|
-14.0%
|
-4.9%
|
39
|
-18
|
9.3%
|
-1.7%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$525,000
|
31.6%
|
23.1%
|
-56.0%
|
-11.4%
|
57
|
-31
|
8.0%
|
-3.3%
|
Milwaukee-Waukesha-West Allis, Wis.
|
$270,000
|
-10.0%
|
1.1%
|
-6.0%
|
36.2%
|
37
|
-18
|
12.5%
|
2.6%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$400,000
|
8.1%
|
-3.7%
|
-24.7%
|
0.8%
|
36
|
-5
|
6.3%
|
0.8%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$470,000
|
19.0%
|
19.0%
|
-42.0%
|
-21.6%
|
16
|
-9
|
8.3%
|
0.4%
|
New Orleans-Metairie,
La.
|
$345,000
|
6.2%
|
5.1%
|
-29.9%
|
-1.1%
|
59
|
-6
|
13.6%
|
-1.1%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$695,000
|
7.1%
|
26.9%
|
-14.4%
|
21.2%
|
68
|
-18
|
8.2%
|
0.2%
|
Oklahoma City,
Okla.
|
$333,000
|
18.9%
|
18.6%
|
-22.4%
|
20.9%
|
55
|
10
|
12.4%
|
0.1%
|
Orlando-Kissimmee-Sanford, Fla.
|
$399,000
|
26.7%
|
27.6%
|
-49.4%
|
3.8%
|
36
|
-29
|
8.4%
|
-6.7%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$300,000
|
-7.7%
|
3.7%
|
-9.7%
|
9.6%
|
59
|
-6
|
13.0%
|
0.2%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$500,000
|
19.3%
|
20.7%
|
5.6%
|
1.8%
|
33
|
-2
|
10.8%
|
0.4%
|
Pittsburgh,
Pa.
|
$215,000
|
-14.0%
|
-3.9%
|
-10.7%
|
5.5%
|
84
|
-3
|
14.1%
|
1.9%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$560,000
|
10.7%
|
11.5%
|
-14.4%
|
20.8%
|
32
|
-7
|
21.2%
|
0.1%
|
Providence-Warwick,
R.I.-Mass.
|
$449,000
|
5.7%
|
12.5%
|
-24.0%
|
0.7%
|
39
|
-17
|
7.0%
|
-0.6%
|
Raleigh,
N.C.
|
$430,000
|
8.9%
|
20.7%
|
-55.7%
|
-23.4%
|
23
|
-12
|
5.0%
|
-3.8%
|
Richmond,
Va.
|
$375,000
|
1.4%
|
12.1%
|
-35.9%
|
5.6%
|
43
|
-8
|
7.2%
|
-3.0%
|
Riverside-San
Bernardino-Ontario, Calif.
|
$550,000
|
11.1%
|
15.3%
|
4.4%
|
7.4%
|
31
|
-4
|
7.8%
|
1.2%
|
Rochester,
N.Y.
|
$225,000
|
-16.6%
|
-4.3%
|
-25.9%
|
-3.8%
|
23
|
-13
|
6.5%
|
-0.7%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$628,000
|
14.2%
|
14.6%
|
-2.9%
|
0.6%
|
26
|
-4
|
9.7%
|
1.3%
|
San Antonio-New
Braunfels, Texas
|
$349,000
|
14.3%
|
19.6%
|
-20.2%
|
-12.6%
|
51
|
-1
|
8.9%
|
-0.2%
|
San Diego-Carlsbad,
Calif.
|
$850,000
|
3.0%
|
7.2%
|
-32.5%
|
-7.2%
|
24
|
-5
|
5.6%
|
-2.4%
|
San
Francisco-Oakland-Hayward, Calif.
|
$995,000
|
-0.5%
|
4.4%
|
-24.5%
|
-1.7%
|
21
|
-6
|
5.5%
|
-1.5%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,329,000
|
10.8%
|
11.8%
|
-42.3%
|
-9.3%
|
16
|
-11
|
2.5%
|
-5.0%
|
Seattle-Tacoma-Bellevue, Wash.
|
$728,000
|
12.9%
|
1.7%
|
-36.5%
|
0.6%
|
23
|
-12
|
3.6%
|
-2.2%
|
St. Louis,
Mo.-Ill.
|
$265,000
|
4.4%
|
7.9%
|
-22.9%
|
-8.4%
|
62
|
-13
|
8.4%
|
-0.1%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$390,000
|
30.0%
|
31.1%
|
-39.2%
|
-8.2%
|
34
|
-15
|
10.1%
|
-3.8%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$325,000
|
5.5%
|
8.5%
|
-36.8%
|
-7.6%
|
27
|
-8
|
6.9%
|
-0.6%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$525,000
|
7.2%
|
0.0%
|
-16.5%
|
6.8%
|
34
|
-5
|
8.6%
|
-1.0%
|
Methodology
Realtor.com® housing data as of
February 2022. Listings include
active inventory of existing single-family homes and
condos/townhomes for the given level of geography; new construction
is excluded unless listed via an MLS. Note: With the release
of its January 2022 housing trends
report, Realtor.com® incorporated a new and improved
methodology for capturing and reporting housing inventory trends
and metrics (see more details here). As a result of these changes,
this release is not directly comparable with previous data releases
and reports. However, future data releases, including historical
data, will consistently apply the new methodology.
About Realtor.com®
Realtor.com®
makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 25 years ago, and today through
its website and mobile apps offers a marketplace where people can
learn about their options, trust in the transparency of information
provided to them, and get services and resources that are
personalized to their needs. Using proprietary data science and
machine learning technology, Realtor.com® pairs buyers
and sellers with local agents in their market, helping take the
guesswork out of buying and selling a home. For professionals,
Realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
Media Contact
rachel.conner@move.com
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