SAN JOSE, Calif., Oct. 20, 2014 /PRNewswire/ -- As real estate
enters the seasonally slower fall, properties in 12 major metro
areas are still selling quickly, less than two months on the
market, according to the realtor.com® September National Housing
Trend Report released today. These markets also demonstrate
strength in standard economic indicators and share unexpected
commonalities, including large populations of engineers and baby
boomers. The 12 markets include: Oakland,
CA; San Jose, CA;
San Francisco, CA; Denver, CO; Washington, DC-MD-VA-WV(DC); Seattle-Bellevue-Everett,
WA; Houston, TX;
Los Angeles-Long Beach, CA;
Austin-San Marcos, TX; Omaha, NE-IA(NE); San Diego, CA; and Melbourne-Titusville-Palm Bay,
FL. Move, Inc. (NASDAQ: MOVE) operates
realtor.com®.
"When we see homes moving quickly in a particular market, we
expect the trend to be supported by signs of local health like
growth in economic production and employment," said Jonathan Smoke, chief economist for
realtor.com®. "This month, we also observed more out of the
ordinary trends including high proportions of math and science
professionals, as well as baby boomers in each of the fast moving
markets. As the technology industry grows and aging baby boomers
decide to make housing moves to support their retirement, we'll
continue to see strong housing demand associated with these
factors."
Markets with the Fastest Median Age of Inventory
MSA
|
Median Age of
Inventory
|
%
YY
|
%MM
|
Median Listing
Price
|
%
YY
|
%MM
|
Total
Listings
|
%
YY
|
%
MM
|
Oakland,
CA
|
35 days
|
25.00%
|
6.06%
|
$500,000
|
4.18%
|
-1.95%
|
4,175
|
9.24%
|
-5.56%
|
San Jose,
CA
|
36 days
|
-20.00%
|
-7.69%
|
$718,000
|
10.47%
|
2.57%
|
2,050
|
-36.24%
|
-29.33%
|
San Francisco,
CA
|
36 days
|
-20.00%
|
-14.29%
|
$949,000
|
15.87%
|
6.03%
|
2,397
|
-23.37%
|
-5.48%
|
Denver, CO
|
37 days
|
-17.78%
|
12.12%
|
$369,900
|
19.36%
|
3.90%
|
7,119
|
-18.56%
|
-3.61%
|
Washington,
DC-MD-VA-WV(DC)
|
40 days
|
-23.08%
|
-25.93%
|
$469,000
|
-0.21%
|
4.45%
|
1,474
|
-24.99%
|
-18.56%
|
Seattle-Bellevue-Everett, WA
|
51 days
|
-1.92%
|
15.91%
|
$399,950
|
5.26%
|
0.01%
|
7,840
|
7.71%
|
1.10%
|
Houston,
TX
|
54 days
|
-15.63%
|
3.85%
|
$247,006
|
23.07%
|
0.86%
|
16,386
|
-25.21%
|
-25.00%
|
Los Angeles-Long
Beach, CA
|
56 days
|
1.82%
|
-6.67%
|
$499,000
|
6.40%
|
0.00%
|
17,720
|
-9.95%
|
-21.27%
|
Austin-San Marcos,
TX
|
56 days
|
-15.15%
|
-3.45%
|
$294,950
|
13.49%
|
1.74%
|
7,196
|
-18.75
|
-25.60%
|
Omaha,
NE-IA(NE)
|
56 days
|
-8.20%
|
7.69%
|
$165,000
|
10.07%
|
0.00%
|
3,307
|
-8.34%
|
0.98%
|
San Diego,
CA
|
59 days
|
7.27%
|
7.27%
|
$489,900
|
8.87%
|
-1.82%
|
9,568
|
7.63%
|
-2.76%
|
Melbourne-Titusville-Palm Bay, FL
|
59 days
|
-7.81%
|
-13.24%
|
$165,000
|
0.00%
|
-1.17%
|
3,684
|
0.68%
|
-34.03%
|
- Income and occupation: Each market can
be considered a land of opportunity with higher median incomes and
larger proportions of six-figure salaries when compared to national
averages. When examining local occupation distributions, these
markets have more architects and engineers as well as professionals
in the computer and mathematical industries. These fields represent
4.3 percent of occupations across the U.S., but in these markets
account for 7.4 percent of careers.
- Age demographics: The U.S. population
of 65 years and older is forecasted to grow by 18 percent by 2019,
which will have significant impact on the real estate market as
baby boomers make retirement-related housing decisions. In these
markets the population over 65 is expected to see growth between 19
to 35 percent – well above the national average – in the next five
years. The Palm Bay market is the
only exception with projected growth of 15 percent.
- Gross domestic product (GDP): These
fast moving markets are in full economic recovery or expansion mode
when considering local estimated GDP, employment growth and
declines in unemployment. The Washington,
D.C. market is the weakest of the 12 markets, but likely due
to the impact of sequestration. The Denver, Austin, and Houston areas top the list with the largest
gains in GDP and employment.
- Population and household formation:
All markets showed substantial growth from a population and
household formation perspective. With the exception of the
Palm Bay market, the population in
every market grew faster than the national population between 2010
and 2014. Additionally, when reviewing Nielsen's five-year
population growth forecast, all of the markets have a higher
projected population growth than the U.S. overall.
National Housing Indicators for September 2014
|
September
2014
|
Year-over-Year
Percentage Change
|
Month-over-Month Percentage
Change
|
Median List
Price
|
$214,900
|
7.72%
|
0.00%
|
Number of
Listings
|
1,867,987
|
-2.65%
|
-7.87%
|
Median Age of
Inventory
|
90 days
|
-3.23%
|
4.65%
|
On a national level, median age of inventory is lower than last
year with a reduced number of homes on the market. In September,
homes spent approximately 90 days on the market, which is three
days less compared to this time last year. Median listing prices
held steady for the fourth consecutive month, maintaining a 7.7
percent gain year-over-year. According to the National Association
of REALTORS®, inventory continued to demonstrate persistently low
months' supply at five and a half months as compared with normal
levels of six to seven months. New homes months' supply was even
lower at nearly five months in August.
"To truly relieve the inventory shortage on a sustained basis,
new home construction needs to rise by at least 50 percent from the
current levels," said Lawrence Yun,
chief economist for the National Association of
REALTORS®.
For the complete realtor.com® September National Housing Trend
Report, please visit:
http://www.realtor.com/data-portal/realestatestatistics
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 multiple listing services
(MLS). We regularly review and update historical data to provide
the most accurate and comprehensive market information. As a
result, some markets may be subject to periodic adjustments in
data.
For more information about Move, 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
- Download realtor.com® mobile apps
About Move, Inc. and realtor.com®
Move, Inc. (NASDAQ:
MOVE), a leading provider 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 for 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 all types of computers, tablets and smart telephones.
Realtor.com® is where home happens. Move's network of websites
provides consumers a wealth of innovative tools and accurate
information including Doorsteps®, HomeInsightSM,
SocialBiosSM, Moving.com™,
SeniorHousingNetSM, homefairSM and
Relocation.com. Move supports real estate agents and brokerages by
providing many services to grow their businesses, including
ListHub™, the nation's leading listing syndicator and centralized
intelligence platform for the real estate industry; TigerLead®; Top
Producer® Systems; and FiveStreetSM; as well as many
free services. Move is based in the heart of the Silicon Valley —
San Jose, CA.
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: Lexie
Puckett, +1 805-557-3151, Lexie.Puckett@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
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subsequent events or circumstances.
SOURCE realtor.com