SANTA CLARA, Calif.,
Feb. 7, 2020 /PRNewswire/
-- National housing inventory declined 13.6 percent in
January, the steepest year-over-year decrease in more than 4 years,
pushing the supply of for sale homes in the U.S. to its lowest
level since realtor.com® began tracking the data in
2012, according to the website's January Monthly Housing
Trends Report released today.
Based on realtor.com®'s analysis, January's steep
year-over-year decline amounted to a national loss of 164,000
listings, tightening the grip of the housing shortage plaguing the
U.S. Based on realtor.com® data, it shows no signs of
easing in the near future as the volume of newly listed properties
also declined by 10.6 percent since last year.
"Homebuyers took advantage of low mortgage rates and stable
listing prices to drive sales higher at the end of 2019, further
depleting the already limited inventory of homes for sale. With
fewer homes coming up for sale, we've hit another new low of for
sale-listings in January," according to Danielle Hale, realtor.com®'s chief
economist. "This is a challenging sign for the large numbers of
Millennial and Gen Z buyers coming into the housing market this
homebuying season as it implies the potential for rising prices and
fast-selling homes—a competitive market. In fact, markets such as
San Jose in Northern California, which saw inventory down
nearly 40 percent last month, are also seeing prices grow by 10
percent while homes are selling at a blistering pace of 51
days."
The supply shortage is found at every price tier throughout the
U.S., but it is especially pronounced at the entry-level. In
January, properties priced under $200,000 declined by 19 percent, an acceleration
compared to December's decline of 18.1 percent. The decline in
inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12
percent year-over-year, compared to December's 10.2 percent
decline. Even upper-tier properties priced at more than
$750,000 declined by 5.9 percent
year-over-year compared to December's decline of 4.4
percent.
As inventory reached its lowest point on record, both listing
prices and days on market reacted to the imbalance of supply and
demand. The median U.S. listing price grew by 3.4 percent
year-over-year, to $299,995 in
January, while prices in 18 metros grew by more than 10 percent. Of
the 50 largest metros, 46 saw year-over-year gains in median
listing prices, with Philadelphia
as the nation's standout with a 16.0 percent increase over last
year. Additionally, with the lack of supply, homes are selling in
an average of 86 days, two days more quickly than January of last
year.
Where Housing Supply Changed the Most
The metros which saw the largest declines in housing inventory were
San Jose-Sunnyvale-Santa
Clara, Calif. (-37.3 percent); Phoenix-Mesa-Scottsdale,
Ariz. (-35.4 percent); and San
Diego-Carlsbad, Calif.
(-34.0 percent). Other markets across the country where housing
supply had sharp declines included Denver-Aurora-Lakewood,
Colo. (-28.8 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-27.8 percent);
and Cincinnati, Ohio-Ky.-Ind.
(-24.4 percent).
Only two of the 50 largest metros saw inventory increase
year-over-year: Minneapolis-St.
Paul-Bloomington,
Minn.-Wis. (+9.4 percent); and San
Antonio-New Braunfels,
Texas (+8.4 percent).
Where Prices Changed the Most
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+16.0 percent);
Rochester, N.Y. (+15.0 percent);
and Phoenix-Mesa-Scottsdale,
Ariz. (+14.5 percent) posted the highest year-over-year
median list price growth in January. Other markets across the
country where housing prices shot up included Memphis, Tenn.-Miss.-Ark. (+13.7 percent); and
Indianapolis-Carmel-Anderson,
Ind. (+12.9 percent).
The steepest price declines were seen in Louisville/Jefferson
County, Ky.-Ind. (-4.0 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-2.0 percent); and
Houston-The Woodlands-Sugarland,
Texas (-1.9 percent). However,
each of these markets saw yearly price declines decelerate compared
to December.
Where Days on Market Changed the Most
Hartford-West Hartford-East
Hartford, Conn.; Raleigh,
N.C.; and Oklahoma City,
Okla.; saw the largest decreases in days on market with
properties spending 13, 13, and 12 fewer days on the market than
last year, respectively. Other markets across the country where
houses sold faster than last year included Austin-Round Rock, Texas (-9 days); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-6 days); and
Orlando-Kissimmee-Sanford,
Fla. (-6 days).
Meanwhile, properties in Las
Vegas-Henderson-Paradise,
Nev.; Boston-Cambridge-Newton,
Mass.-N.H.; and Detroit-Warren-Dearborn,
Mich. sold 7, 7, and 6 days more slowly, respectively.
Metros Seeing the
Largest Declines in Inventory
|
Metro
|
Active
Listing
Count YoY
|
Median
Listing
Price
|
Median
Listing
Price YoY
|
Median
Days on
Market
|
Median Days
on Market
YoY
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-37.3%
|
$1,099,500
|
10.1%
|
51
|
-2
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-35.4%
|
$399,750
|
14.5%
|
63
|
0
|
San Diego-Carlsbad,
Calif.
|
-34.0%
|
$734,500
|
11.0%
|
48
|
2
|
Seattle-Tacoma-Bellevue, Wash.
|
-31.5%
|
$599,625
|
6.2%
|
67
|
3
|
San
Francisco-Oakland-Hayward, Calif.
|
-30.5%
|
$907,500
|
9.7%
|
49
|
1
|
Denver-Aurora-Lakewood, Colo.
|
-28.8%
|
$532,450
|
8.2%
|
63
|
3
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-28.3%
|
$499,950
|
11.2%
|
60
|
-4
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-27.8%
|
$289,900
|
16.0%
|
84
|
1
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-26.4%
|
$309,950
|
10.7%
|
75
|
1
|
Cincinnati,
Ohio-Ky.-Ind.
|
-24.4%
|
$267,400
|
11.7%
|
76
|
2
|
Riverside-San
Bernardino-Ontario, Calif.
|
-24.1%
|
$411,500
|
3.4%
|
70
|
5
|
Providence-Warwick,
R.I.-Mass.
|
-23.2%
|
$372,450
|
6.4%
|
74
|
-4
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.V.
|
-22.6%
|
$479,900
|
11.0%
|
68
|
-4
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-22.5%
|
$589,950
|
10.4%
|
80
|
7
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-22.3%
|
$480,748
|
1.3%
|
72
|
3
|
Rochester,
N.Y.
|
-20.8%
|
$218,400
|
15.0%
|
67
|
-5
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-20.7%
|
$368,945
|
3.9%
|
49
|
-6
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-20.6%
|
$344,495
|
6.0%
|
73
|
-4
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-20.2%
|
$279,450
|
5.7%
|
66
|
-4
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-19.3%
|
$939,500
|
N/A
|
82
|
N/A
|
Hartford-West
Hartford-East Hartford, Conn.
|
-19.1%
|
$274,950
|
5.8%
|
82
|
-13
|
Baltimore-Columbia-Towson, Md.
|
-18.7%
|
$315,000
|
5.0%
|
78
|
1
|
Kansas City,
Mo.-Kan.
|
-18.0%
|
$325,000
|
8.7%
|
89
|
3
|
Birmingham-Hoover,
Ala.
|
-17.3%
|
$252,450
|
12.2%
|
86
|
-9
|
Oklahoma City,
Okla.
|
-17.3%
|
$259,270
|
10.4%
|
64
|
-12
|
Pittsburgh,
Pa.
|
-16.6%
|
$189,900
|
11.7%
|
96
|
-8
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-16.3%
|
$197,900
|
10.0%
|
71
|
3
|
Orlando-Kissimmee-Sanford, Fla.
|
-15.8%
|
$319,900
|
6.7%
|
71
|
-6
|
Austin-Round Rock,
Texas
|
-15.7%
|
$353,293
|
1.6%
|
71
|
-9
|
Memphis,
Tenn.-Miss.-Ark.
|
-14.1%
|
$234,183
|
13.7%
|
77
|
-4
|
Milwaukee-Waukesha-West Allis, Wis.
|
-13.2%
|
$287,450
|
5.5%
|
70
|
-4
|
Cleveland-Elyria,
Ohio
|
-12.5%
|
$182,450
|
1.4%
|
82
|
-2
|
St. Louis,
Mo.-Ill.
|
-12.2%
|
$214,450
|
6.7%
|
91
|
-2
|
New Orleans-Metairie,
La.
|
-11.9%
|
$279,900
|
2.9%
|
86
|
-2
|
Indianapolis-Carmel-Anderson, Ind.
|
-11.9%
|
$270,993
|
12.9%
|
81
|
1
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-11.2%
|
$413,000
|
4.6%
|
90
|
-3
|
Richmond,
Va.
|
-10.9%
|
$325,090
|
5.4%
|
70
|
-1
|
Jacksonville,
Fla.
|
-10.5%
|
$317,495
|
5.3%
|
80
|
-5
|
Louisville/Jefferson
County, Ky.-Ind.
|
-9.6%
|
$239,950
|
-4.0%
|
72
|
4
|
Columbus,
Ohio
|
-9.3%
|
$284,950
|
12.9%
|
72
|
-2
|
Raleigh,
N.C.
|
-9.0%
|
$364,166
|
4.1%
|
75
|
-13
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-7.8%
|
$550,000
|
5.8%
|
90
|
3
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-7.2%
|
$319,950
|
2.3%
|
65
|
-3
|
Dallas-Fort
Worth-Arlington, Texas
|
-6.5%
|
$339,484
|
0.4%
|
66
|
-4
|
Las
Vegas-Henderson-Paradise, Nev.
|
-6.2%
|
$323,482
|
2.9%
|
66
|
7
|
Detroit-Warren-Dearborn, Mich.
|
-6.0%
|
$228,450
|
4.1%
|
70
|
6
|
Houston-The
Woodlands-Sugar Land, Texas
|
-4.6%
|
$304,055
|
-1.9%
|
71
|
-4
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-4.5%
|
$302,400
|
1.6%
|
72
|
-1
|
San Antonio-New
Braunfels, Texas
|
8.4%
|
$287,745
|
-0.8%
|
74
|
-3
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
9.4%
|
$371,400
|
-2.0%
|
66
|
-6
|
About realtor.com®
Realtor.com® makes buying, selling and living in homes
easier and more rewarding for everyone. Realtor.com®
pioneered the world of digital real estate 20 years ago, and today
through its website and mobile apps is a trusted source for the
information, tools and professional expertise that help people move
confidently through every step of their home journey. 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. under a perpetual license from the National
Association of REALTORS®. For more information,
visit realtor.com®.
Media Contacts:
- Nicole Murphy -
nicole.murphy@move.com
- Janice McDill -
janice.mcdill@move.com
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SOURCE realtor.com