US median home list price in April up 3.8% month-over-month, 6.5% year-over-year to US$207,500; housing inventory up 8.6% from March, 14.2% year-over-year to 1,999,548 units, and median inventory age down 15.7% from March to 86 days: NAR
Allison Oesterle
SAN JOSE, California
,
May 28, 2014
(press release)
–
Nationally, the number of single-family homes for sale and their prices continue to rise – revealing a healthier real estate marketplace than a year ago and strong seller confidence, according to the April 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®.
National Key Market Indicators for April 2014 April 2014 Year-over-Year Month-over-Month Number of Listings 1,999,548 14.2% 8.6% Median Age of Inventory 86 6.2% -15.7% Median List Price $207,500 6.5% 3.8% Key Market Highlights 10 Metropolitan Statistical Areas (MSAs) with the Greatest Median List Price Increases, Year over Year MSA Median % YY Total % YY Stockton-Lodi, CA $269,250 41.8% 1,462 -3.8% Reno, NV $275,000 25.1% 2,317 7.9% Las Vegas, NV-AZ(NV) $182,900 23.6% 18,782 7.2% Denver, CO $340,000 20.6% 6,088 -12.7% Sacramento, CA $334,900 19.7% 6,488 5.2% Riverside-San Bernardino, CA $299,000 19.7% 24,256 62.0% Chicago, IL $224,900 19.0% 54,751 -2.3% Houston, TX $232,000 19.0% 20,619 -12.4% Austin-San Marcos, TX $295,000 17.8% 7,851 -7.9% Fort Pierce-Port St. Lucie, FL $187,900 17.4% 6,724 21.2%
While last April's list price gains were driven largely by dramatic shortages in for-sale inventory, April 2014 data shows sustained moderate home price gains in tandem with increasing inventories. The increase in inventory and asking price suggests sellers are much more optimistic than a year ago, likely the result of a strengthening national economy.
April home inventories are up a robust 14.2 percent compared with April 2013, according to realtor.com® data. Median list price rose by 6.5 percent to $207,500 compared to last year. Median age of inventory is 86 days – a 6.2 percent increase compared to a year ago.
The combination of median list price rising above $200,000 and a double-digit home inventory increase is an indication that the marketplace is becoming more balanced.
"Home prices and inventories are more in balance in most markets – a sign of improving housing health and optimism across much of the country," said Steve Berkowitz, Move's chief executive officer. "As sellers gain confidence, we also are watching spring sales data closely to gauge whether buying activity will be in line with these early indicators."
Some reports showed a cooling market in the early months of 2014. Existing home sales, at 4.59 million units in March, were 7.5 percent below the pace of March 2013 according to The National Association of REALTORS® (NAR). However after nine months of stagnation, March pending home sales experienced their first gain – rising 3.4 percent, according to NAR's Pending Home Sales Index.
While prices are rising, age of inventory is dropping faster than the previous year – by 15.7 percent in April – suggesting that properties are selling quickly in many markets and being replaced with new inventory at a quicker pace compared to last year.
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Gains in new hot markets sprouting across the country are largely due to local economies' increasing strength. New price leaders are Sacramento, California; Chicago; Austin and San Marcos, Texas; and Fort Pierce and Port St. Lucie, Florida. Recurring leaders are Houston; Las Vegas; Denver; Reno, Nevada; and Stockton, Lodi, Riverside, and San Bernardino, California.
While prices are continuing to rise, the pace of appreciation is slowing. This signals that housing is becoming more affordable for some, as rising equity comes more in line with asking prices.
Pumped by oil and gas economies, Texas and Colorado are exceptionally strong. Denver, Austin, Houston and Chicago are experiencing a supply-driven adjustment process similar to that which led to rapid house-price appreciation in California. These deficits aren't as large, however, suggesting these markets are not likely to experience the kind of unsustainable appreciation California experienced during most of 2013. While sand states, such as California, Nevada and Arizona, continue to see supply-driven increases in prices in many markets, supply is beginning to catch up with demand.
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. We regularly review and update historical data to provide the most accurate and comprehensive market-information available.
"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®.
Supporting Resources
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:
Christie Farrell, +1-408-558-7115, Christie.Farrell@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
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