SANTA CLARA, Calif.,
Oct. 31, 2019 /PRNewswire/ -- The
U.S. housing market showed signs of becoming increasingly
competitive as inventory continued to tighten with a drop of nearly
98,000 listings, compared to this time last year, according to
realtor.com®'s October
2019 housing trend report* released today. At the same time,
the inventory shortage compounded as homes flew off the market at a
faster pace than last year, making it harder for would-be buyers to
enter the market despite favorable interest rates.
"Owning a home continues to be a priority for buyers, as we head
into the cooler months of the year. Driven by the tailwind of sub-4
percent mortgage rates, the steady demand for housing is drying
market inventory at an accelerating pace," according to
realtor.com® Senior Economist George Ratiu. "With dwindling supply, prices
maintain their upward pressure, deepening the affordability
challenges for first-time buyers."
Spurred by low mortgage rates, the uptick in demand this past
spring gobbled up available inventory leaving the U.S. market
depleted. Nationally, inventory decreased 6.9 percent in October,
an acceleration from September's 4.1 percent drop. This decline
amounted to a loss of 98,000 listings, compared to a year ago.
Additionally, the volume of new listings hitting the market has
decreased by 3.4 percent since last year. Entry-level inventory saw
the largest declines, with the number of homes priced under
$200,000 dropping by 15.2 percent
year-over-year. Meanwhile, mid-tier inventory priced between
$200,000 and $750,000 dropped by 4.3 percent year-over-year.
The inventory of the nation's most expensive homes saw a slight
increase as the inventory of homes selling for more than
$750,000 increased by 1.3 percent
year-over-year.
In the nation's 50 largest metros, inventory declined by 5.3
percent year-over-year. The metros which saw the biggest drop in
inventory were San
Diego-Carlsbad, Calif.
(-20.1 percent), Rochester, N.Y.
(-20.1 percent), and Phoenix-Mesa-Scottsdale,
Ariz. (-20.0 percent).
In addition to having less inventory compared to last year,
homes also sold more quickly. Nationally, homes sold in 66 days in
October, three days faster than last year. Raleigh, N.C. (60 days); Hartford-West
Hartford-East Hartford,
Conn. (64 days); and Birmingham-Hoover,
Ala. (67 days) saw the largest decreases in days on market
with properties spending 11, 9 and 9 fewer days on the market than
last year, respectively. On the flip-side, properties in
Los Angeles-Long Beach,
Anaheim, Calif. (55 days);
San Jose-Sunnyvale-Santa
Clara, Calif. (42 days), and Las
Vegas-Henderson-Paradise,
Nev. (49 days); sold 14, 11, and 11 days more slowly,
respectively.
The U.S. median listing price continues to increase due to solid
demand, growing by 4.3 percent year-over-year, to $312,000 in October. Of the 50 largest U.S.
metros, 43 saw year-over-year gains in median listing prices.
Birmingham-Hoover, Ala. (+15.4 percent); Los Angeles-Long Beach-Anaheim, Calif. (+13.9 percent); and
Phoenix-Mesa-Scottsdale,
Ariz. (+13.0 percent); posted the highest year-over-year
median list price growth in October. The steepest declines in
median list price were seen in Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-2.9 percent),
Louisville/Jefferson County, Ky.-Ind. (-2.9 percent) and
Houston-The Woodlands-Sugar
Land, Texas (-1.6 percent).
Metro
|
Active
Listing
Count
YoY
|
Median
Listing
Price
|
Median
Listing
Price
YoY
|
Median
Days on
Market
|
Median
Days on
Market
Y-Y
|
San Diego-Carlsbad,
Calif.
|
-20.1%
|
$715,000
|
7.0%
|
44
|
8
|
Rochester,
N.Y.
|
-20.1%
|
$202,500
|
11.0%
|
44
|
-8
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-20.0%
|
$385,945
|
13.0%
|
43
|
-2
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
-19.6%
|
$479,900
|
6.7%
|
43
|
-4
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-19.4%
|
$299,000
|
12.9%
|
61
|
-4
|
Cincinnati,
Ohio-Ky.-Ind.
|
-18.6%
|
$266,500
|
6.6%
|
51
|
-5
|
Oklahoma City,
Okla.
|
-17.6%
|
$253,250
|
7.9%
|
53
|
-8
|
Memphis,
Tenn.-Miss.-Ark.
|
-17.3%
|
$231,458
|
6.2%
|
57
|
-7
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-17.3%
|
$299,900
|
7.1%
|
61
|
-4
|
Providence-Warwick,
R.I.-Mass.
|
-16.2%
|
$377,000
|
5.6%
|
52
|
-2
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-15.0%
|
$369,900
|
2.9%
|
37
|
-5
|
Riverside-San
Bernardino-Ontario, Calif.
|
-13.9%
|
$410,000
|
3.4%
|
53
|
5
|
Birmingham-Hoover,
Ala.
|
-13.5%
|
$255,488
|
15.4%
|
67
|
-9
|
Seattle-Tacoma-Bellevue, Wash.
|
-12.9%
|
$587,475
|
5.5%
|
43
|
6
|
Pittsburgh,
Pa.
|
-12.7%
|
$197,250
|
9.6%
|
67
|
-7
|
St. Louis,
Mo.-Ill.
|
-12.6%
|
$224,664
|
4.5%
|
66
|
0
|
Austin-Round Rock,
Texas
|
-12.4%
|
$356,450
|
1.9%
|
59
|
-2
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-12.2%
|
$488,944
|
8.9%
|
50
|
4
|
Hartford-West
Hartford-East Hartford, Conn.
|
-11.7%
|
$279,900
|
3.7%
|
64
|
-9
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-10.2%
|
$199,900
|
5.3%
|
45
|
-4
|
Baltimore-Columbia-Towson, Md.
|
-9.4%
|
$325,000
|
1.8%
|
53
|
-3
|
Orlando-Kissimmee-Sanford, Fla.
|
-9.3%
|
$319,900
|
3.7%
|
63
|
3
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-9.1%
|
$467,450
|
-0.5%
|
51
|
1
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-8.7%
|
$335,250
|
0.7%
|
57
|
-6
|
Columbus,
Ohio
|
-8.2%
|
$279,900
|
5.7%
|
45
|
-7
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-7.1%
|
$279,900
|
4.5%
|
60
|
3
|
Indianapolis-Carmel-Anderson, Ind.
|
-6.7%
|
$260,000
|
8.4%
|
56
|
2
|
Kansas City,
Mo.-Kan.
|
-6.5%
|
$299,700
|
3.4%
|
57
|
-4
|
New Orleans-Metairie,
La.
|
-6.5%
|
$284,450
|
1.6%
|
72
|
-3
|
Milwaukee-Waukesha-West Allis, Wis.
|
-6.4%
|
$288,900
|
6.1%
|
48
|
-1
|
Jacksonville,
Fla.
|
-6.1%
|
$309,900
|
3.3%
|
70
|
2
|
Cleveland-Elyria,
Ohio
|
-5.7%
|
$193,700
|
4.7%
|
63
|
-2
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-5.4%
|
$1,108,944
|
1.1%
|
42
|
11
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-5.4%
|
$400,000
|
0.3%
|
94
|
5
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-3.9%
|
$587,450
|
7.0%
|
48
|
4
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-3.0%
|
$850,984
|
13.9%
|
55
|
14
|
San
Francisco-Oakland-Hayward, Calif.
|
-2.9%
|
$939,944
|
4.6%
|
35
|
4
|
Richmond,
Va.
|
-2.0%
|
$319,475
|
6.5%
|
53
|
-5
|
Louisville/Jefferson
County, Ky.-Ind.
|
-2.0%
|
$252,450
|
-2.9%
|
47
|
-3
|
Raleigh,
N.C.
|
-2.0%
|
$365,000
|
1.5%
|
60
|
-11
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-0.5%
|
$555,000
|
3.1%
|
67
|
-2
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
0.3%
|
$315,000
|
1.0%
|
50
|
-1
|
Houston-The
Woodlands-Sugar Land, Texas
|
0.4%
|
$309,945
|
-1.6%
|
63
|
-1
|
Dallas-Fort
Worth-Arlington, Texas
|
3.8%
|
$341,875
|
-0.3%
|
57
|
-1
|
Denver-Aurora-Lakewood, Colo.
|
4.3%
|
$495,000
|
3.1%
|
43
|
6
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
4.5%
|
$321,036
|
0.5%
|
54
|
0
|
Detroit-Warren-Dearborn, Mich
|
5.1%
|
$239,400
|
3.3%
|
46
|
1
|
San Antonio-New
Braunfels, Texas
|
8.8%
|
$289,695
|
-1.0%
|
62
|
-3
|
Las
Vegas-Henderson-Paradise, Nev.
|
14.0%
|
$319,950
|
-1.4%
|
49
|
11
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
15.7%
|
$339,900
|
-2.9%
|
44
|
1
|
*Editor's Note
With the release of its October
2019 housing trends report, realtor.com®
incorporated a new and improved methodology for capturing and
reporting housing inventory trends and metrics. The new methodology
uses the latest and most accurate data mapping of listing statuses
to yield a cleaner and more consistent measurement of active
listings at both the national and local level. The new methodology
also allows realtor.com® to achieve more consistency and
stability in measurements across markets and in each market over
time. As a result of these changes, the data released today will
not be directly comparable with previous releases and
realtor.com® economics blog posts. However, future data
releases, including historical data, will consistently apply the
new methodology.
About realtor.com®
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expertise that help people move confidently through every step of
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realtor.com® uses data science and machine learning to
connect consumers with a real estate professional based on their
specific buying and selling needs. Realtor.com®
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more information, visit realtor.com®.
Media Contact: Cody Horvat -
cody.horvat@move.com
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content:http://www.prnewswire.com/news-releases/us-housing-inventory-tightens-as-competition-heats-up-300948929.html
SOURCE realtor.com