SANTA CLARA, Calif.,
April 4, 2019 /PRNewswire/ -- The
U.S. median home listing price crossed into uncharted territory in
March, increasing 7 percent year-over-year and reaching
$300,000 for the first time ever,
according to realtor.com®'s March 2019 monthly
housing trend report released today. Although housing
inventory continued to increase nationally, the pace slowed, as
fewer new listings hit the market. Additionally, entry-level
inventory scarcity continues; homes priced $200,000 or below decreased 9 percent
year-over-year.
"The typical U.S. home list price has set a new high right on
the cusp of the spring homebuying season, and despite a slowing
growth rate, home prices will likely continue to set new records
later this year," said Danielle
Hale, realtor.com®'s chief economist. "Heading
into spring, U.S. prices are expected to continue to rise and
inventory is expected to continue to increase, but at a slower pace
than we've seen the last few months as fewer sellers want to
contend with this year's more challenging conditions. A buyer's
experience will vary notably depending on the market and price
point they're targeting."
The U.S. housing market has seen years of increasing home prices
and has already surpassed 2018's summer high of $299,000 as the spring home-buying season
launches. The continued, albeit slowing, rise in the national
median home price in the midst of a market slowdown is likely
driven by inventory growth in the high-end of the market. According
to realtor.com®'s analysis, the inventory of for-sale
homes priced above $750,000 increased
11 percent year-over-year, while the number of entry-level homes
priced $200,000 or below declined 9
percent during the same period.
Housing inventory continued to increase in March, but the rate
of growth slowed compared to the last few months and this
slower-growth trend could continue into April, especially if fewer
new listings hit the market, according to Hale. Approximately
56,000 additional homes were for sale in March compared to last
year, amounting to a 4 percent increase year-over-year. This growth
was primarily driven by the U.S.'s 50 largest markets, which grew
by a more substantial 9 percent on average year-over-year. However,
the number of newly listed properties hitting the market declined
by 0.4 percent from last year, suggesting that while buyers may
have more options to choose from, the share of fresh properties
coming up for sale has not increased.
Of the U.S.'s 50 largest metros, those that saw the biggest
inventory decreases were St.
Louis, Washington, D.C.,
and Oklahoma City, where inventory
declined by 19 percent, 14 percent and 11 percent, respectively.
Metros where inventory continued to increase were primarily pricey,
West Coast markets. The list was topped by San Jose, Calif.; Seattle, and San
Francisco, growing by 114 percent, 77 percent and 44
percent, respectively.
Nationally, homes in the U.S. sold in an average of 65 days in
March, two days slower than a year ago. Kansas City, Mo.; Hartford, Conn.; and Indianapolis, saw the largest increases in
days on market with properties spending an average of 16, 12 and 12
more days on the market year-over-year, respectively. On the
flip-side, properties in Pittsburgh, Birmingham, Ala., and Oklahoma City sold an average of 10, eight and
five days more quickly, respectively.
Metros Seeing the Largest Gains in Inventory
Metro
|
Active
Listing
Count YoY
|
New Listing
Count YoY
|
Median
Listing Price
YoY
|
Share of
Price
Reduced Y-Y
|
Median Days
on Market Y-Y
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
114%
|
4%
|
-12%
|
8%
|
11
|
Seattle-Tacoma-Bellevue, Wash.
|
77%
|
11%
|
11%
|
6%
|
9
|
San
Francisco-Oakland-Hayward, Calif.
|
44%
|
4%
|
-3%
|
5%
|
7
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
34%
|
0%
|
0%
|
1%
|
7
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
28%
|
11%
|
-2%
|
2%
|
6
|
San Diego-Carlsbad,
Calif.
|
27%
|
0%
|
0%
|
1%
|
6
|
Dallas-Fort
Worth-Arlington, Texas
|
25%
|
3%
|
-3%
|
3%
|
5
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
24%
|
-1%
|
0%
|
3%
|
10
|
Boston-Cambridge-Newton, Mass.-N.H.
|
23%
|
3%
|
3%
|
3%
|
4
|
Detroit-Warren-Dearborn, Mich.
|
19%
|
2%
|
7%
|
2%
|
3
|
Houston-The
Woodlands-Sugar Land, Texas
|
17%
|
7%
|
-3%
|
3%
|
5
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
17%
|
5%
|
2%
|
4%
|
2
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
17%
|
2%
|
2%
|
3%
|
7
|
Jacksonville,
Fla.
|
15%
|
1%
|
-3%
|
3%
|
4
|
Orlando-Kissimmee-Sanford, Fla.
|
14%
|
2%
|
-1%
|
4%
|
2
|
Providence-Warwick,
R.I.-Mass.
|
12%
|
8%
|
5%
|
1%
|
6
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
12%
|
4%
|
-1%
|
0%
|
5
|
Las
Vegas-Henderson-Paradise, Nev.
|
11%
|
13%
|
7%
|
16%
|
7
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
11%
|
-11%
|
3%
|
0%
|
9
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
10%
|
3%
|
0%
|
3%
|
3
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
9%
|
10%
|
7%
|
3%
|
3
|
Austin-Round Rock,
Texas
|
8%
|
3%
|
-2%
|
2%
|
1
|
San Antonio-New
Braunfels, Texas
|
8%
|
7%
|
1%
|
5%
|
-1
|
Richmond,
Va.
|
8%
|
11%
|
6%
|
0%
|
-1
|
Riverside-San
Bernardino-Ontario, Calif.
|
7%
|
-4%
|
4%
|
0%
|
8
|
Phoenix-Mesa-Scottsdale, Ariz.
|
7%
|
-2%
|
1%
|
6%
|
3
|
Louisville/Jefferson
County, Ky.-Ind.
|
7%
|
2%
|
6%
|
1%
|
4
|
Raleigh,
N.C.
|
5%
|
0%
|
1%
|
3%
|
7
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
4%
|
-3%
|
5%
|
1%
|
6
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
3%
|
-3%
|
2%
|
0%
|
-1
|
Columbus,
Ohio
|
3%
|
-8%
|
7%
|
1%
|
3
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
3%
|
1%
|
9%
|
1%
|
-1
|
Hartford-West
Hartford-East Hartford, Conn.
|
2%
|
-3%
|
0%
|
-1%
|
12
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
2%
|
-11%
|
2%
|
1%
|
6
|
Baltimore-Columbia-Towson, Md.
|
-1%
|
-1%
|
4%
|
2%
|
7
|
Memphis,
Tenn.-Miss.-Ark.
|
-1%
|
-8%
|
13%
|
1%
|
-4
|
Cleveland-Elyria,
Ohio
|
-2%
|
1%
|
8%
|
1%
|
-4
|
Kansas City,
Mo.-Kan.
|
-2%
|
-18%
|
13%
|
1%
|
16
|
Cincinnati,
Ohio-Ky.-Ind.
|
-3%
|
-3%
|
8%
|
0%
|
-1
|
Pittsburgh,
Pa.
|
-5%
|
4%
|
3%
|
0%
|
-10
|
Birmingham-Hoover,
Ala.
|
-5%
|
2%
|
13%
|
1%
|
-8
|
New Orleans-Metairie,
La.
|
-6%
|
-9%
|
5%
|
-3%
|
2
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-8%
|
-1%
|
6%
|
2%
|
-1
|
Milwaukee-Waukesha-West Allis, Wios.
|
-8%
|
-10%
|
16%
|
-1%
|
1
|
Indianapolis-Carmel-Anderson, Ind.
|
-9%
|
-3%
|
13%
|
0%
|
12
|
Tucson,
Ariz.
|
-9%
|
-17%
|
10%
|
3%
|
1
|
Rochester,
N.Y.
|
-10%
|
-10%
|
14%
|
1%
|
2
|
Oklahoma City,
Okla.
|
-11%
|
32%
|
7%
|
4%
|
-5
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.Va.
|
-14%
|
-12%
|
1%
|
2%
|
8
|
St. Louis,
Mo.-Ill.
|
-19%
|
-15%
|
7%
|
0%
|
5
|
About realtor.com®
Realtor.com®, The Home of Home
Search℠, offers an extensive inventory of for-sale and rental
listings, and access to information, tools and professional
expertise that help people move confidently through every step of
their home journey. It pioneered the world of digital real estate
20 years ago, and today is the trusted resource for home buyers,
sellers and dreamers by making all things home simple, efficient
and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit realtor.com®.
Contact: Cody Horvat: cody.horvat@move.com
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content:http://www.prnewswire.com/news-releases/us-median-home-list-price-hits-300-000-for-the-first-time-ever-300824509.html
SOURCE realtor.com