SANTA CLARA, Calif.,
Feb. 27, 2019 /PRNewswire/
-- Realtor.com®'s February housing report
released today, shows 2019 may have one of the coolest spring
homebuying seasons in recent years as growing inventories drive
price cuts. This marks a significant reversal from a year ago when
the housing market struggled with 41 straight months of inventory
declines.
In February, the median list price increased seven percent
year-over-year, to $294,800.
Approximately 73,000 additional listings are for-sale this year
versus last year, increasing national inventory by 6 percent
year-over-year. Much of this available inventory can be traced to
the nation's 50 largest metros, where inventory increased by 11
percent year-over-year. The largest jumps have continued on the
West Coast, led by San Jose,
Calif., with a massive 125 percent increase. This was
followed by an 85 percent increase in Seattle, 53 percent increase in San Francisco, 39 percent increase in
San Diego, and 36 percent increase
in Portland, Ore.
"This is the fifth consecutive month that we've seen housing
inventory increase, especially in large markets," said Danielle Hale, realtor.com®'s
chief economist. "As is often the case in real estate, the
important trends are going on at the local level. We see large
markets continue to cool, but some markets still have some
strength. Additionally, we still see fewer homes priced under
$200,000 on the market, so
entry-level buyers won't see the same availability of options as
high-end buyers."
A recent rise in the share of price cuts also hints towards a
potential shift into a cooler market for spring. In February, 39 of
the 50 largest markets saw an increase in share of price cuts. The
greatest yearly increase was felt in Las
Vegas, which jumped 19 percent. It was followed by
San Jose, Calif., with a nine
percent increase, Phoenix with a
seven percent increase, San
Francisco with a five percent increase, and Dallas with a four percent increase.
In February, the number of U.S. homes priced at or above
$750,000, more than double the
national median, increased by 11 percent year-over-year. The surge
in high end inventory is likely to favor buyers this spring, as
they will have more options to choose from. But the same can't be
said for the entry-level market where the national inventory of
homes priced at $200,000 or below has
decreased seven percent year-over-year, indicating that
availability of affordable homes will remain an issue for many
potential buyers.
More inventory means more options for buyers, which has slowly
pumped the brakes on a historically speedy market. On average in
the 50 largest metros, homes are spending three days longer on the
market than last year. For the first time since
realtor.com® began tracking this data in 2013,
the share of homes selling faster than 30 days decreased, from 28
percent last year to 27 percent this February. The West Coast,
which saw the largest inventory increases in February, also saw the
greatest increase in days on market. Homes in Seattle, which led the nation, spent an
additional 20 days on market compared to last year. It was followed
by Riverside-San Bernardino, Calif. with 15 days and
Sacramento, Calif. with 13
days.
New market level months supply data, which looks at the balance
of available inventory against the current sales pace, confirms
that while the market is generally cooling, it still remains a
sellers' market in many areas.
Markets with the Largest Inventory
Increases
Metro
|
Active Listing
Count (YoY)
|
New Listing
Count (YoY)
|
Median
Listing Price
(YoY)
|
Price
Reduced
Share (Y-Y)
|
Median Days
on Market (Y-
Y)
|
San
Jose-Sunnyvale-Santa Clara, CA
|
125%
|
11%
|
-10%
|
8.7%
|
9
|
Seattle-Tacoma-Bellevue, WA
|
85%
|
-9%
|
12%
|
3.8%
|
20
|
San
Francisco-Oakland-Hayward, CA
|
53%
|
-1%
|
-1%
|
5.2%
|
8
|
San Diego-Carlsbad,
CA
|
39%
|
-1%
|
-2%
|
4.3%
|
3
|
Portland-Vancouver-Hillsboro, OR-WA
|
36%
|
1%
|
1%
|
1.5%
|
5
|
Nashville-Davidson--Murfreesboro--
Franklin, TN
|
31%
|
12%
|
-3%
|
1.9%
|
8
|
Dallas-Fort
Worth-Arlington, TX
|
28%
|
3%
|
-4%
|
4.4%
|
8
|
Los Angeles-Long
Beach-Anaheim, CA
|
26%
|
-5%
|
-1%
|
3.7%
|
10
|
Detroit-Warren-Dearborn, MI
|
22%
|
11%
|
8%
|
0.3%
|
-1
|
Boston-Cambridge-Newton, MA-NH
|
22%
|
-5%
|
4%
|
2.7%
|
3
|
Atlanta-Sandy
Springs-Roswell, GA
|
22%
|
11%
|
2%
|
3.1%
|
2
|
Tampa-St.
Petersburg-Clearwater, FL
|
20%
|
7%
|
1%
|
2.8%
|
8
|
Houston-The
Woodlands-Sugar Land,
TX
|
20%
|
17%
|
-4%
|
3.9%
|
2
|
Jacksonville,
FL
|
17%
|
5%
|
-3%
|
0.8%
|
4
|
Sacramento--Roseville--Arden-Arcade,
CA
|
16%
|
-18%
|
2%
|
0.2%
|
13
|
Orlando-Kissimmee-Sanford, FL
|
16%
|
10%
|
0%
|
3.2%
|
2
|
Providence-Warwick,
RI-MA
|
14%
|
3%
|
5%
|
0.0%
|
-4
|
Charlotte-Concord-Gastonia, NC-SC
|
13%
|
4%
|
-1%
|
3.0%
|
-5
|
Austin-Round Rock,
TX
|
13%
|
6%
|
-4%
|
2.4%
|
-1
|
Riverside-San
Bernardino-Ontario, CA
|
12%
|
-11%
|
3%
|
2.1%
|
15
|
Miami-Fort
Lauderdale-West Palm
Beach, FL
|
12%
|
0%
|
-1%
|
1.3%
|
6
|
Las
Vegas-Henderson-Paradise, NV
|
12%
|
7%
|
7%
|
18.7%
|
8
|
New
York-Newark-Jersey City, NY-NJ-
PA
|
11%
|
-6%
|
7%
|
1.4%
|
1
|
Raleigh,
NC
|
10%
|
-6%
|
0%
|
3.9%
|
8
|
San Antonio-New
Braunfels, TX
|
9%
|
5%
|
2%
|
3.0%
|
-1
|
Richmond,
VA
|
9%
|
1%
|
3%
|
-0.9%
|
-1
|
Buffalo-Cheektowaga-Niagara Falls,
NY
|
8%
|
-16%
|
9%
|
1.8%
|
2
|
Phoenix-Mesa-Scottsdale, AZ
|
8%
|
1%
|
2%
|
6.9%
|
3
|
Minneapolis-St.
Paul-Bloomington, MN-
WI
|
8%
|
-19%
|
0%
|
1.1%
|
7
|
Louisville/Jefferson
County, KY-IN
|
7%
|
-3%
|
7%
|
0.4%
|
-3
|
Hartford-West
Hartford-East Hartford,
CT
|
5%
|
-10%
|
2%
|
-0.1%
|
12
|
Kansas City,
MO-KS
|
5%
|
-13%
|
11%
|
2.0%
|
12
|
Columbus,
OH
|
4%
|
-4%
|
3%
|
1.0%
|
3
|
Chicago-Naperville-Elgin, IL-IN-WI
|
2%
|
7%
|
3%
|
1.0%
|
1
|
Philadelphia-Camden-Wilmington, PA-
NJ-DE-MD
|
1%
|
-10%
|
9%
|
0.5%
|
-4
|
New Orleans-Metairie,
LA
|
1%
|
0%
|
3%
|
1.3%
|
0
|
Baltimore-Columbia-Towson, MD
|
1%
|
-4%
|
5%
|
1.2%
|
2
|
Memphis,
TN-MS-AR
|
-1%
|
-1%
|
12%
|
1.6%
|
-5
|
Cleveland-Elyria,
OH
|
-3%
|
3%
|
10%
|
-0.2%
|
-6
|
Cincinnati,
OH-KY-IN
|
-3%
|
-7%
|
7%
|
-0.7%
|
-5
|
Tucson, AZ
|
-4%
|
-5%
|
6%
|
2.0%
|
-3
|
Pittsburgh,
PA
|
-4%
|
-4%
|
3%
|
-0.3%
|
-4
|
Virginia
Beach-Norfolk-Newport News,
VA-NC
|
-6%
|
0%
|
6%
|
-2.4%
|
-5
|
Milwaukee-Waukesha-West Allis, WI
|
-7%
|
-16%
|
17%
|
-0.9%
|
-2
|
Birmingham-Hoover,
AL
|
-7%
|
3%
|
14%
|
1.4%
|
-15
|
Rochester,
NY
|
-7%
|
-6%
|
12%
|
-1.2%
|
-5
|
Washington-Arlington-Alexandria, DC-
VA-MD-WV
|
-9%
|
-10%
|
0%
|
0.3%
|
10
|
Indianapolis-Carmel-Anderson, IN
|
-10%
|
-14%
|
11%
|
-1.3%
|
9
|
Oklahoma City,
OK
|
-11%
|
-8%
|
5%
|
-1.3%
|
-3
|
St. Louis,
MO-IL
|
-21%
|
-18%
|
7%
|
1.0%
|
9
|
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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SOURCE realtor.com