SANTA CLARA, Calif.,
May 1, 2019 /PRNewswire/ -- The
national median listing price set a record of $310,000 in April -- surpassing March's high of
$300,000, according to
realtor.com®'s April 2019
monthly housing trend report released today. At the same time,
demand for U.S. housing is cooling heading into spring as newly
listed homes and national inventory grew, primarily driven by a
combination of more owners listing homes and softening buyer
demand.
"The U.S. median listing price set another record this month,
which we expect it to continue to do through summer when prices
typically hit their seasonal peak," said Danielle Hale, realtor.com®'s chief
economist. "Despite growing availability of total homes for sale,
prices are rising in response to more high-end homes for sale,
which is not exactly what most shoppers in today's market are
looking for. Inventory remains limited at the entry-level, where
much of housing's demand is concentrated. This mismatch is a prime
driver of the weaker sales we've seen so far in 2019."
Much of this price growth continues to be driven by an increase
in upper-tier homes for sale. In April, the number of homes for
sale over $750,000 increased by 11
percent year-over-year, while homes priced under $200,000 decreased by 8 percent. As the median
listing price grows and the number of affordable, entry-level homes
decreases, entry-level shoppers will likely face though competition
this spring.
Of the 50 largest U.S. metros, 36 saw year-over-year increases
in median listing prices, but only 9 markets outpaced the national
growth of 7 percent. Milwaukee,
(+13 percent), Kansas City, Mo.
(+12 percent), and Rochester, N.Y.
(+12 percent), posted the largest year-over-year median list price
growth in April.
The steepest median listing price declines were seen in
San Jose, Calif., where prices
were down 8 percent. San Francisco
and Dallas followed, with 4
percent and 3 percent declines year-over-year, respectively. These
markets were ranked first, third, and seventh for inventory growth
-- as supply begins to exceed demand, prices are declining to
adjust and balance the market.
While prices continue to rise, inventory is also seeing
continued growth as both newly listed homes and national inventory
saw growth last month. In April, approximately 60,000 additional
listings hit the U.S. market compared to last year, amounting to a
4 percent increase year-over-year. Much of this growth has been
concentrated in the nation's 50 largest markets, where inventory
grew at a rapid pace of 10 percent year-over-year. At the same
time, newly listed homes in the U.S. have increased 3 percent
year-over-year. The combination of newly listed homes and national
inventory growth means the U.S. will continue to see inventories
ease, especially at the top end of the market.
Large metros that saw the greatest gains in inventory were
San Jose, Calif., Seattle, and San
Francisco, growing by 92 percent, 82 percent and 39 percent,
respectively. Metros with the greatest declines in inventory
included St. Louis, Washington, D.C. and Rochester, N.Y.; where inventory declined by
16 percent, 15 percent and 10 percent, respectively. Sellers in
pricey west coast markets are likely trying to offload their homes
at peak pricing, but in more affordable markets, such as
St. Louis, inventory is declining
as buyers seek price relief. One expensive outlier is Washington D.C., where inventory declines may
be attributed to sellers holding onto their homes in anticipation
of the opening of HQ2, Hale added.
In April, the share of homes that had their prices cut increased
by 2 percent year-over-year. Among the nation's largest markets, 37
of the 50 saw an increase in their share of price reductions
year-over-year. Las Vegas had the
greatest increase in price reductions, up 15 percent
year-over-year. It was followed by San
Jose, Calif., with a 9 percent increase in reductions, while
Seattle, San Francisco, and Atlanta each had a 5 percent increase in
reductions year-over-year.
Nationally, homes sold in 58 days in April, one day more quickly
than a year ago and seven days faster than in March. In the 50
largest U.S. metros, the homes spent an average of two more days on
the market compared to the previous year. San Jose, Calif., Los Angeles, and Kansas City, Mo., saw the largest increases in
days on market with properties spending 8, 7 and 7 more days on the
market, respectively. Alternatively, properties in Philadelphia; Birmingham, Ala. and Pittsburgh, Pa., sold 7, 5 and 4 days more
quickly than last year, respectively.
Metros Seeing the Largest Gains in Inventory
Metro
|
Active
Listing
Count
YoY
|
Newly
Listed
Count
YoY
|
Median
Listing
Price
|
Median
Listing
Price
YoY
|
Share of
Price
Reduced
Y-Y
|
Median
Days on
Market
|
Median
Days on
Market
Y-Y
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
92%
|
7%
|
$1,143,494
|
-8%
|
9%
|
27
|
+8 days
|
Seattle-Tacoma-Bellevue, Wash.
|
82%
|
-4%
|
$625,025
|
10%
|
5%
|
31
|
+6 days
|
San
Francisco-Oakland-Hayward, Calif.
|
39%
|
4%
|
$948,295
|
-4%
|
5%
|
28
|
+4 days
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
33%
|
10%
|
$471,050
|
-1%
|
1%
|
38
|
+4 days
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
25%
|
5%
|
$359,950
|
-2%
|
2%
|
38
|
+3 days
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
23%
|
4%
|
$750,050
|
-1%
|
3%
|
41
|
+7 days
|
Dallas-Fort
Worth-Arlington, Texas
|
22%
|
4%
|
$349,950
|
-3%
|
4%
|
43
|
+5 days
|
Detroit-Warren-Dearborn, Mich
|
21%
|
12%
|
$252,675
|
3%
|
2%
|
41
|
+1 day
|
Denver-Aurora-Lakewood, Colo.
|
20%
|
9%
|
$475,050
|
0%
|
3%
|
32
|
+1 day
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
19%
|
9%
|
$336,895
|
2%
|
5%
|
45
|
+1 day
|
San Diego-Carlsbad,
Calif.
|
18%
|
10%
|
$692,550
|
1%
|
-1%
|
37
|
+4 days
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
14%
|
-1%
|
$274,950
|
0%
|
4%
|
59
|
+5 days
|
Houston-The
Woodlands-Sugar Land, Texas
|
14%
|
3%
|
$322,974
|
-1%
|
0%
|
51
|
+6 days
|
Jacksonville,
Fla.
|
13%
|
8%
|
$311,545
|
-1%
|
2%
|
59
|
+2 days
|
San Antonio-New
Braunfels, Texas
|
13%
|
7%
|
$293,950
|
1%
|
3%
|
50
|
-1 day
|
Providence-Warwick,
R.I.-Mass.
|
12%
|
14%
|
$361,175
|
5%
|
1%
|
47
|
+1 day
|
Orlando-Kissimmee-Sanford, Fla.
|
12%
|
15%
|
$312,426
|
-1%
|
3%
|
59
|
+1 day
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
12%
|
-1%
|
$549,050
|
5%
|
2%
|
56
|
-4 days
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
11%
|
-1%
|
$388,050
|
0%
|
1%
|
86
|
+4 days
|
Las
Vegas-Henderson-Paradise, Nev.
|
11%
|
15%
|
$315,050
|
5%
|
15%
|
44
|
+5 days
|
Columbus,
Ohio
|
9%
|
8%
|
$259,050
|
6%
|
0%
|
34
|
+2 days
|
Richmond,
Va.
|
9%
|
9%
|
$332,450
|
5%
|
3%
|
45
|
-2 days
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
9%
|
3%
|
$485,050
|
3%
|
0%
|
34
|
+1 day
|
Boston-Cambridge-Newton, Mass.-N.H.
|
8%
|
2%
|
$567,822
|
7%
|
3%
|
32
|
+2 days
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
8%
|
-2%
|
$340,619
|
-1%
|
2%
|
52
|
+4 days
|
Riverside-San
Bernardino-Ontario, Calif.
|
7%
|
-2%
|
$399,888
|
3%
|
1%
|
49
|
+4 days
|
Louisville/Jefferson
County, Ky.-Ind.
|
7%
|
2%
|
$267,975
|
9%
|
2%
|
44
|
-1 day
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
7%
|
1%
|
$275,050
|
10%
|
0%
|
51
|
-7 days
|
Phoenix-Mesa-Scottsdale, Ariz.
|
7%
|
1%
|
$349,050
|
3%
|
4%
|
45
|
+3 days
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
6%
|
7%
|
$372,663
|
4%
|
1%
|
38
|
-1 day
|
Hartford-West
Hartford-East Hartford, Conn.
|
6%
|
1%
|
$274,850
|
2%
|
-3%
|
55
|
+2 days
|
Raleigh,
N.C.
|
5%
|
3%
|
$349,950
|
2%
|
2%
|
51
|
+5 days
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
5%
|
15%
|
$309,950
|
3%
|
1%
|
42
|
-3 days
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
5%
|
13%
|
$189,550
|
5%
|
1%
|
42
|
+1 day
|
Austin-Round Rock,
Texas
|
5%
|
1%
|
$369,998
|
-1%
|
1%
|
46
|
+3 days
|
Indianapolis-Carmel-Anderson, Ind.
|
4%
|
-8%
|
$280,240
|
4%
|
4%
|
52
|
+5 days
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
2%
|
9%
|
$299,550
|
7%
|
0%
|
51
|
+0 days
|
Memphis,
Tenn.-Miss.-Ark.
|
2%
|
11%
|
$217,975
|
12%
|
-3%
|
51
|
-1 day
|
Kansas City,
Mo.-Kan.
|
1%
|
4%
|
$308,975
|
12%
|
2%
|
51
|
+7 days
|
Cleveland-Elyria,
Ohio
|
0%
|
3%
|
$189,950
|
9%
|
1%
|
51
|
-4 days
|
Baltimore-Columbia-Towson, Md.
|
-1%
|
1%
|
$325,050
|
7%
|
2%
|
45
|
+1 day
|
Milwaukee-Waukesha-West Allis, Wis.
|
-2%
|
12%
|
$275,050
|
13%
|
-1%
|
37
|
+0 days
|
Pittsburgh,
Pa.
|
-2%
|
3%
|
$189,750
|
5%
|
0%
|
62
|
-4 days
|
Birmingham-Hoover,
Ala.
|
-4%
|
-9%
|
$244,450
|
11%
|
1%
|
54
|
-5 days
|
Cincinnati,
Ohio-Ky.-Ind.
|
-6%
|
0%
|
$269,995
|
6%
|
0%
|
44
|
-1 day
|
New Orleans-Metairie,
La.
|
-7%
|
5%
|
$295,050
|
5%
|
-1%
|
65
|
+3 days
|
Oklahoma City,
Okla.
|
-8%
|
-8%
|
$250,050
|
5%
|
0%
|
52
|
-1 day
|
Rochester,
N.Y.
|
-10%
|
3%
|
$212,500
|
12%
|
3%
|
39
|
+1 day
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
-15%
|
-6%
|
$454,675
|
1%
|
1%
|
36
|
+5 days
|
St. Louis,
Mo.-Ill.
|
-16%
|
-4%
|
$220,000
|
6%
|
1%
|
52
|
+1 day
|
About realtor.com®
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Contact: Cody Horvat
-- cody.horvat@move.com
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SOURCE realtor.com