SANTA CLARA, Calif.,
March 5, 2020 /PRNewswire/
-- The U.S. housing market continued to tighten in February as
the inventory of for sale homes saw additional listings evaporate
and home prices rose, according to realtor.com®'s
February Housing Trends Report released today. The continuation of
these trends could signal a competitive spring homebuying season on
the horizon.
Based on realtor.com®'s analysis, national housing inventory
declined 15.3 percent year-over-year last month, while the median
U.S. listing price grew by 3.9 percent, to $310,000. February's inventory decline,
which amounted to a loss of 184,000 listings, was the largest
year-over-year decline since realtor.com began tracking inventory
data. To view the complete February Housing Trends Report, which
includes additional insights and metro level data for inventory,
median listing prices, days on market, and share of price
reductions, click here.
Twenty-five of the nation's 50 largest metros saw the number of
homes for sale decline more than 20 percent. Inventory fell the
fastest in Phoenix, San Diego, Calif., and San Jose, with decreases in excess of 36
percent over last year.
"The Fed's decision to cut rates by 50 basis points earlier this
week in reaction to concerns over the spread of Covid-19 is good
for home buyers, but only if they can find a home to purchase.
Finding a home remains the chief challenge in today's
inventory-starved market," said realtor.com Chief Economist
Danielle Hale. "Given the
still-decreasing number of homes for sale in many markets, if a
listed home is priced well, expect it to sell quickly this year.
Construction of new homes will need to jump into overdrive in order
to bring the nation's supply and demand for housing back towards
equilibrium.
"Additionally, it remains to be seen how the recent growing
concern over the spread of Covid-19 will impact consumer spending,
at least in the short-term," Hale added.
The lack of inventory prompted listing prices to increase 3.9
percent to $310,000, a slightly
accelerated pace compared to last month. The U.S. median listing
price had grown by 6 to 8 percent year over year until autumn of
2019 when growth began to slow, finally hitting a low of 3.1
percent in December.
Home prices rose in 46 of the 50 largest markets in February and
were on average 6.5 percent higher than last year. Philadelphia led the nation with the greatest
price growth, topping out just above 17 percent at $295,000.
As buyers grapple with a lack of inventory and rising prices,
homes sold at a faster rate than last year. Nationally, homes sold
in 80 days in February, three days quicker than last this time last
year. This trend was exaggerated in the nation's largest metros
where homes sold five days faster than last year on average.
Hartford, Conn.; Raleigh, N.C.; and Washington, D.C. saw homes selling at the
fastest rates in the nation compared to last year, each with homes
selling more than two weeks faster than last year.
Greatest Declines in Inventory - Metro Level
Metro
|
Active
Listing
Count
YoY
|
Median
Listing Price
|
Median
Listing
Price
YoY
|
Median
Days
on
Market
|
Median
Days on
Market
Y-Y
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-42.7%
|
$400,000
|
14.3%
|
48
|
-4
|
San Diego-Carlsbad,
Calif.
|
-36.6%
|
$749,100
|
12.0%
|
37
|
4
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-36.2%
|
$1,199,900
|
11.6%
|
22
|
-4
|
Denver-Aurora-Lakewood, Colo.
|
-35.9%
|
$559,600
|
12.0%
|
38
|
6
|
Seattle-Tacoma-Bellevue, Wash.
|
-33.7%
|
$600,100
|
1.3%
|
38
|
-8
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-29.4%
|
$295,000
|
17.3%
|
69
|
-10
|
Cincinnati,
Ohio-Ky.-Ind.
|
-28.6%
|
$284,500
|
12.7%
|
66
|
-5
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-28.2%
|
$348,600
|
5.6%
|
64
|
-6
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-28.1%
|
$485,000
|
1.1%
|
58
|
10
|
Riverside-San
Bernardino-Ontario, Calif.
|
-26.8%
|
$419,100
|
4.9%
|
60
|
3
|
Providence-Warwick,
R.I.-Mass.
|
-25.2%
|
$389,100
|
8.8%
|
66
|
-10
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-25.0%
|
$500,100
|
8.7%
|
40
|
-10
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-25.0%
|
$371,000
|
3.8%
|
36
|
-9
|
Rochester,
N.Y.
|
-24.8%
|
$230,000
|
15.0%
|
45
|
-15
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
-23.6%
|
$495,100
|
10.7%
|
39
|
-16
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-22.9%
|
$280,000
|
4.2%
|
61
|
-5
|
San
Francisco-Oakland-Hayward, Calif.
|
-22.3%
|
$949,100
|
8.2%
|
18
|
-9
|
Los Angeles-Long
Beach-Anaheim, Calif.*
|
-21.8%
|
$959,900
|
N/A
|
66
|
N/A
|
Austin-Round Rock,
Texas
|
-21.7%
|
$360,100
|
2.9%
|
61
|
-3
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-21.4%
|
$600,100
|
9.2%
|
55
|
-7
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-20.5%
|
$310,500
|
8.9%
|
57
|
-11
|
Baltimore-Columbia-Towson, Md.
|
-20.5%
|
$320,100
|
6.7%
|
66
|
-6
|
Memphis,
Tenn.-Miss.-Ark.
|
-20.5%
|
$237,100
|
13.2%
|
79
|
3
|
Kansas City,
Mo.-Kan.
|
-20.4%
|
$330,100
|
6.0%
|
94
|
3
|
Orlando-Kissimmee-Sanford, Fla.
|
-20.0%
|
$325,100
|
8.4%
|
68
|
-1
|
Oklahoma City,
Okla.
|
-18.9%
|
$257,700
|
9.1%
|
53
|
-15
|
Cleveland-Elyria,
Ohio
|
-18.8%
|
$189,600
|
1.6%
|
81
|
-2
|
Hartford-West
Hartford-East Hartford, Conn.
|
-18.5%
|
$275,000
|
3.8%
|
74
|
-22
|
Columbus,
Ohio
|
-18.4%
|
$299,800
|
14.2%
|
58
|
-10
|
Birmingham-Hoover,
Ala.
|
-17.6%
|
$256,400
|
9.2%
|
71
|
-13
|
Las
Vegas-Henderson-Paradise, Nev.
|
-17.5%
|
$328,000
|
5.8%
|
46
|
-4
|
Indianapolis-Carmel-Anderson, Ind.
|
-17.5%
|
$275,000
|
8.0%
|
80
|
-2
|
St. Louis,
Mo.-Ill.
|
-15.7%
|
$220,000
|
2.3%
|
89
|
1
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-15.6%
|
$200,000
|
9.6%
|
67
|
0
|
Milwaukee-Waukesha-West Allis, Wis.
|
-15.1%
|
$320,000
|
6.7%
|
57
|
-11
|
Pittsburgh,
Pa.
|
-15.1%
|
$200,100
|
14.3%
|
96
|
-12
|
New Orleans-Metairie,
La.
|
-14.2%
|
$284,600
|
2.9%
|
80
|
-3
|
Jacksonville,
Fla.
|
-13.9%
|
$320,000
|
3.9%
|
74
|
-6
|
Richmond,
Va.
|
-13.8%
|
$327,000
|
3.2%
|
59
|
-5
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-13.5%
|
$410,000
|
3.7%
|
88
|
-4
|
Raleigh,
N.C.
|
-12.5%
|
$367,800
|
4.4%
|
64
|
-18
|
Louisville/Jefferson
County, Ky.-Ind.
|
-12.3%
|
$255,000
|
-1.9%
|
64
|
-2
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-10.5%
|
$325,000
|
2.4%
|
56
|
0
|
Dallas-Fort
Worth-Arlington, Texas
|
-9.6%
|
$340,100
|
-1.3%
|
56
|
-3
|
Detroit-Warren-Dearborn, Mich
|
-8.7%
|
$229,100
|
4.1%
|
59
|
-4
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-8.1%
|
$559,100
|
5.9%
|
80
|
-2
|
Houston-The
Woodlands-Sugar Land, Texas
|
-5.3%
|
$306,000
|
-1.5%
|
60
|
-6
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-4.0%
|
$320,000
|
2.4%
|
45
|
-11
|
San Antonio-New
Braunfels, Texas
|
2.6%
|
$290,000
|
0.0%
|
71
|
1
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
12.2%
|
$375,100
|
-3.4%
|
49
|
-11
|
*Some data points for Los
Angeles have been excluded due to data
unavailability.
About realtor.com®
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for everyone. Realtor.com® pioneered the world of
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realtor.com®.
Media Contacts:
-
Cody Horvat cody.horvat@move.com
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SOURCE realtor.com