SANTA CLARA, Calif.,
Jan. 7, 2020 /PRNewswire/
-- December saw the largest year-over-year decline of housing
inventory in almost three years with a dramatic 12 percent decline,
pushing the number of homes for sale in the U.S. to the lowest
level since January 2018 according to
the December 2019 Housing Trends
report released today by realtor.com®.
Based on realtor.com®'s analysis, the inventory
decline is accelerating across all price levels, including the
luxury market. In December, inventory of homes priced under
$200,000 declined by 18.1 percent
year-over-year, higher than the 16.5 percent drop in November.
Mid-tier housing priced between $200,000 and $750,000 also declined at an accelerated pace, up
10.2 percent year-over-year compared to November's decline of 7.4
percent. Listings of homes priced over $1
million shrunk by 4.4 percent year-over-year, up from from
nearly 2 percent in November.
"The market is struggling with a large housing undersupply just
as 4.8 million millennials are reaching 30-years of age in 2020, a
prime age for many to purchase their first home," according to
realtor.com Senior Economist, George
Ratiu. "The significant inventory drop we saw in December is
a harbinger of the continuing imbalance expected to plague this
year's markets, as the number of homes for sale are poised to reach
historically low levels."
The inventory shortage gripping the U.S. housing market is
showing no signs of slowing anytime soon. December's 12 percent
year-over-year inventory decline is an acceleration from November's
drop of 9.5 percent, and equates to a loss of nearly 155,000
listings compared to December 2018.
Additionally, new listings are failing to restore the market to
equilibrium as the volume of newly listed properties also declined
by 11.2 percent year-over-year.
On a local level, the tech havens of San Jose-Sunnyvale-Santa
Clara, Calif.; Seattle-Tacoma-Bellevue,
Wash; and San
Francisco-Oakland-Hayward,
Calif. all saw inventory declines of more than 30 percent in
December as well as listing price growth above the national median.
Only three of the 50 largest U.S. metros saw inventory increase
over the year: San
Antonio-New Braunfels,
Texas (+8.8 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+7.4 percent); and
Las Vegas-Henderson-Paradise, Nev. (+4.8 percent), which
all had year-over-year declines in their median listing prices.
Overall, the median U.S. listing price grew by 3 percent, to
$299,950 in December, which is a
deceleration compared to last month, when the median listing price
grew by 3.6 percent over the year. At the same time, price growth
is continuing to heat up in metros where inventory declines were
greatest in December.
Of the 50 largest U.S. metros, 42 saw year-over-year gains in
median listing prices, with 33 of the 50 growing faster than the
national rate and 12 of those growing faster than December 2017's
rate of 8.2 percent. Los Angeles-Long
Beach-Anaheim, Calif.
(+21.0 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+13.1 percent);
and Birmingham-Hoover, Ala. (+11.1 percent); posted the
highest year-over-year median list price growth in December. All
three markets also saw double-digit declines in their housing
inventories. The steepest price declines were seen in Louisville/Jefferson
County, Ky.-Ind. (-5.0 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-4.1 percent); and
Houston-The Woodlands-Sugarland,
Texas (-2.9 percent).
In December, 13.2 percent of active listings saw their listing
prices reduced, virtually unchanged from a year ago. Among the
nation's 50 largest metros, 15 saw an increase in their share of
price reductions compared to this time last year. Portland-Vancouver-Hillsboro,
Ore.-Wash. saw the greatest increase in the share of price
reductions in November, up 14.7 percent year-over-year. It was
followed by Indianapolis-Carmel-Anderson,
Ind. (+3.1 percent) and Houston-The Woodlands-Sugarland, Texas (+2.6 percent).
Nationally, homes sold in 79 days in December 2019, two days more quickly than
December 2018. However, in the 50
largest U.S. metros, the typical home sold at a nearly identical
pace. Raleigh, N.C.; Oklahoma City, Okla.; and Rochester, N.Y.; saw the largest decreases in
days on market with properties spending 13, 11, and 8 fewer days on
the market than last year, respectively. Meanwhile, properties in
Los Angeles-Long
Beach-Anaheim, Calif.;
Buffalo-Cheektowaga-Niagara
Falls, N.Y.; and Boston-Cambridge-Newton,
Mass.-N.H.; sold 22, 10, and 9 days more slowly,
respectively.
Metro
|
Active
Listing
Count
YoY
|
Median
Listing
Price
|
Median
Listing
Price
YoY
|
Median
Days on
Market
|
Median
Days on
Market
Y-Y
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-33.1%
|
$1,074,750
|
7.5%
|
59
|
8
|
Seattle-Tacoma-Bellevue, Wash.
|
-31.8%
|
$582,000
|
5.8%
|
63
|
4
|
San
Francisco-Oakland-Hayward, Calif.
|
-30.4%
|
$897,000
|
5.7%
|
57
|
7
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-29.5%
|
$495,000
|
10.2%
|
62
|
4
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-29.0%
|
$374,495
|
8.5%
|
55
|
-1
|
San Diego-Carlsbad,
Calif.
|
-28.3%
|
$719,444
|
9.8%
|
55
|
6
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-26.3%
|
$288,250
|
13.1%
|
75
|
0
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-24.7%
|
$304,000
|
8.8%
|
70
|
-3
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.V.
|
-24.3%
|
$470,000
|
8.1%
|
63
|
-1
|
Providence-Warwick,
R.I.-Mass.
|
-23.8%
|
$369,900
|
5.7%
|
73
|
5
|
Cincinnati,
Ohio-Ky.-Ind.
|
-23.4%
|
$259,900
|
8.3%
|
65
|
-1
|
Riverside-San
Bernardino-Ontario, Calif.
|
-21.9%
|
$405,444
|
2.9%
|
66
|
7
|
Rochester,
N.Y.
|
-21.6%
|
$199,900
|
8.1%
|
62
|
-8
|
Oklahoma City,
Okla.
|
-19.7%
|
$250,000
|
6.4%
|
62
|
-11
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-19.2%
|
$469,450
|
-0.1%
|
71
|
3
|
Hartford-West
Hartford-East Hartford, Conn.
|
-18.4%
|
$274,900
|
5.7%
|
77
|
-8
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-18.3%
|
$589,900
|
10.3%
|
75
|
9
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-17.4%
|
$339,250
|
4.4%
|
67
|
-3
|
Baltimore-Columbia-Towson, Md.
|
-17.4%
|
$309,450
|
3.2%
|
70
|
2
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-17.3%
|
$877,500
|
21.0%
|
76
|
22
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-17.2%
|
$189,900
|
5.6%
|
71
|
10
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-17.0%
|
$367,805
|
3.6%
|
46
|
-4
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-16.5%
|
$276,950
|
4.5%
|
64
|
4
|
Memphis,
Tenn.-Miss.-Ark.
|
-16.0%
|
$233,113
|
11.0%
|
68
|
-4
|
Birmingham-Hoover,
Ala.
|
-15.8%
|
$249,900
|
11.1%
|
81
|
-8
|
Pittsburgh,
Pa.
|
-15.0%
|
$189,700
|
9.7%
|
86
|
-5
|
Austin-Round Rock,
Texas
|
-14.8%
|
$349,975
|
0.3%
|
66
|
-6
|
Orlando-Kissimmee-Sanford, Fla.
|
-14.0%
|
$317,648
|
5.9%
|
68
|
-2
|
Kansas City,
Mo.-Kan.
|
-13.5%
|
$300,000
|
2.7%
|
76
|
-2
|
St. Louis,
Mo.-Ill.
|
-13.3%
|
$212,945
|
3.9%
|
81
|
1
|
Milwaukee-Waukesha-West Allis, Wis.
|
-13.3%
|
$276,500
|
6.4%
|
66
|
2
|
New Orleans-Metairie,
La.
|
-11.0%
|
$278,200
|
1.2%
|
80
|
-2
|
Indianapolis-Carmel-Anderson, Ind.
|
-10.5%
|
$255,445
|
6.9%
|
70
|
-3
|
Columbus,
Ohio
|
-10.3%
|
$274,800
|
9.9%
|
64
|
0
|
Richmond,
Va.
|
-9.9%
|
$319,950
|
3.4%
|
67
|
2
|
Louisville/Jefferson
County, Ky.-Ind.
|
-9.0%
|
$237,450
|
-5.0%
|
65
|
1
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-8.9%
|
$405,000
|
2.5%
|
89
|
1
|
Jacksonville,
Fla.
|
-8.8%
|
$310,493
|
3.5%
|
73
|
-5
|
Cleveland-Elyria,
Ohio
|
-8.7%
|
$179,900
|
0.0%
|
73
|
-1
|
Raleigh,
N.C.
|
-7.4%
|
$362,450
|
2.9%
|
69
|
-13
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-6.9%
|
$551,480
|
5.0%
|
84
|
2
|
Dallas-Fort
Worth-Arlington, Texas
|
-4.2%
|
$335,500
|
-1.0%
|
65
|
-2
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-4.0%
|
$316,330
|
0.4%
|
64
|
0
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-4.0%
|
$299,250
|
0.8%
|
69
|
1
|
Detroit-Warren-Dearborn, Mich.
|
-3.4%
|
$225,000
|
2.3%
|
62
|
4
|
Houston-The
Woodlands-Sugar Land, Texas
|
-3.1%
|
$299,994
|
-2.9%
|
69
|
0
|
Denver-Aurora-Lakewood, Colo.
|
-2.0%
|
$497,500
|
3.6%
|
60
|
3
|
Las
Vegas-Henderson-Paradise, Nev.
|
4.8%
|
$318,900
|
-0.3%
|
62
|
9
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
7.4%
|
$349,900
|
-4.1%
|
62
|
-4
|
San Antonio-New
Braunfels, Texas
|
8.8%
|
$284,800
|
-1.8%
|
69
|
-4
|
About realtor.com®
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The Home of Home Search℠, offers the most MLS-listed for-sale
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confidently through every step of their home journey. Through its
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and enjoyable. Realtor.com® is operated by News Corp
[Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a
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Media Contacts:
- Cody
Horvat - cody.horvat@move.com
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SOURCE realtor.com