In April, active inventory growth slowed
(+48.3) for the second month in a row as newly listed homes fell
21.3% year over year
SANTA
CLARA, Calif., May 4, 2023
/PRNewswire/ -- The U.S. housing market continues to face strong
affordability headwinds, including a low inventory of homes for
sale which, while up in April, is still well below pre-pandemic
levels as fewer new sellers opt to list their home (-21.3%)
compared to last year, according to the Realtor.com®
Monthly Housing Trends Report released today. Additionally, while
listing prices were up slightly (+2.5%) in April, annual listing
price growth has decelerated for 10 months in a row and could
decline year over year by later this spring.
"A lack of new sellers and homes for sale continues to limit
buyers' choices and home sales. Many sellers are likely future
buyers too, which may be why a majority of would-be sellers report
feeling 'locked in' to their current home because of a low mortgage
rate, especially younger homeowners," said Danielle Hale, Chief Economist for
Realtor.com®. "But older seller-buyers, who are likely
to have a smaller mortgage balance and built up greater equity, are
less likely to report feeling locked-in by a low interest rate and
are more likely to report that they need to sell anyway. This
likely means that older households will continue to play a
prominent role on both sides of the home sale transaction this
year."
Buying before selling, market conditions and repairs are top
concerns for sellers
A recent Realtor.com®
site survey found one-third of sellers (34.2%) said that buying
first was a top concern for them when evaluating whether to sell
their home or not. Concerns about overall market conditions,
including local demand and not receiving any good offers, was cited
by 19% of surveyed respondents, the highest share since 2019, and
nearly twice as high as a year ago. In addition, hoping to put
their best foot forward in today's market, sellers say having to
get their home market ready is also a top concern, especially given
that high inflation rates are leading to higher improvement and
household furnishing costs, and prices for those goods are rising
more than prices overall.
"It's become increasingly challenging for many people to become
homeowners, and longer-term homeowners who have built equity over
many years are likely in the best position to sell and buy in
today's market. To get top dollar for their home and set themselves
up for success, all sellers still need to make sure their home is
in the best possible condition and shows well. That could include
making upgrades, investing in necessary repairs, and painting the
home," said Realtor.com®'s Executive News Editor
Clare Trapasso. "First-time and
younger buyers can still win in this market by watching mortgage
rates closely, setting online alerts for any new homes coming on
the market, and working with an agent who really knows the market
and how best to position an offer."
April 2023 Housing Metrics –
National
Metric
|
Change over April
2022
|
Change over April
2019
|
Median listing
price
|
+2.5% (to
$430,000)
|
+36.5 %
|
Active
listings
|
+48.3 %
|
-50.5 %
|
New listings
|
-21.3 %
|
-30.6 %
|
Median days on
market
|
+17 days (to 49
days)
|
-10 days
|
Share of active
listings with price reductions
|
+5.4 percentage
points
(to 12.2%)
|
-2.2 percentage
points
|
Lack of sellers and newly listed homes remains a challenge
for potential buyers
In April, the U.S. supply of
active listings was up compared to last year, but rose at a slower
pace for the second month in a row, and despite the increase, the
inventory of homes for sale continues to be 50.5% lower than
April 2019 pre-pandemic level. A
declining number of newly listed homes remains a top challenge for
the market, as many potential sellers are choosing to sit on the
sidelines rather than list their home for sale. That means hopeful
homebuyers have fewer options for their next home and will likely
have to continue narrowing their list of must-haves to find success
in today's market.
- In April, the U.S. inventory of active listings grew 48.3% year
over year; however, the inventory growth rate continued to slow for
the second month in a row. Active inventory grew in all major
regions, with the most growth in the number of homes for sale in
the Southern region, up 100.3% compared to the same time last
year.
- New listings declined 21.3% nationwide in April and in 49 of
the 50 largest markets compared with this time last year; only
San Antonio saw the number of
newly listed homes increase compared to last April (+0.4%). Pending
listings, or homes under contract with a buyer, declined 22.5% year
over year.
- Among the 50 largest U.S. metros, 42 markets saw active
inventory increase compared to last April. Despite high inventory
growth compared to last year, most metros still had fewer homes for
sale compared to pre-pandemic years.
- In April, only Austin saw
higher levels of inventory (+4.3%) in April compared to typical
2017–2019 levels, while in Las
Vegas, where active inventories were above pre-pandemic
level in March, inventories were 8.1% below typical 2017-2019
levels in April.
Home prices rise, though more slowly, as spring homebuying
season gets underway
In April, national home listing
prices grew slightly from last year, following their usual seasonal
uptick at the start of the spring homebuying season, but home price
growth slowed to the lowest rate since April
2020. Many sellers are continuing to list their homes at
higher prices as listing prices generally continue to rise, leading
to a higher share of homes with price reductions in April compared
to last year; however, the level is still below what was typical
before the pandemic.
- The national median list price grew to $430,000 in April, up from $424,000 in March. Annual list price growth
slowed to 2.5% year over year, the lowest rate of growth since
April 2020.
- Higher mortgage rates and home prices compared to April of last
year increased the monthly cost of financing 80% of the typical
home by roughly $340 (+19.0%)
compared to a year ago. This far outpaces recent rent growth
(+2.5%) and inflation (+5.0%) but the rate of growth is slowing
compared to last month's 39.3% as growth in listing prices and
interest rates slowed.
- In April, 12.2% of active listings had their price reduced, up
from 6.8% in April 2022.
- Among the 50 largest U.S. metros, large southern metros saw the
largest increase in the percentage of homes with price reductions,
and 9 saw median list price declines in April. The greatest price
declines were seen in Austin
(-8.8% year-over-year), Las Vegas
(-7.1%), and Houston (-4.6%).
Time on market rises as the pace of buying remains
low
The time it takes to sell a home has continued to
trend down since January, consistent with seasonal trends and an
uptick in buying as spring approaches, but homes in April still
spent significantly more time on the market compared to the
previous two years. Despite it taking more than two weeks longer to
sell a home in April compared to the same time last year, today's
sellers are still likely to spend less time finding a buyer for
their home than they would have pre-pandemic.
- The typical home spent 49 days on market in April, 17 days
longer than this time last year, but still 12 days faster than the
pre-pandemic April 2017-2019 average.
- In April, across the 50 largest U.S. metros, time on market was
lower relative to the national pace, 41 days on average, up 15 days
more than the previous April.
- All of the 50 largest metros saw an increase in time on market
compared to the previous year. Time on market increased the most in
Raleigh (+39 days), Kansas City (+32 days), and Austin (+30 days).
April 2023 Housing Metrics – 50
Largest U.S. Metro Areas
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
Active Listing Count
YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market Y-Y (Days)
|
Price Reduced
Share
|
Price Reduced Share
Y-Y (Percentage Points)
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$425,000
|
2.4 %
|
-0.5 %
|
53.6 %
|
-21.8 %
|
45
|
13
|
11.8 %
|
4.2 pp
|
Austin-Round
Rock-Georgetown, Texas
|
$570,000
|
-8.8 %
|
-10.4 %
|
258.0 %
|
-10.1 %
|
45
|
30
|
26.8 %
|
16.0 pp
|
Baltimore-Columbia-Towson, Md.
|
$340,000
|
3.1 %
|
2.6 %
|
6.5 %
|
-26.3 %
|
38
|
8
|
9.4 %
|
2.2 pp
|
Birmingham-Hoover,
Ala.
|
$285,000
|
2.2 %
|
5.1 %
|
51.1 %
|
-17.4 %
|
48
|
16
|
12.1 %
|
6.2 pp
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$839,000
|
12.0 %
|
3.5 %
|
9.7 %
|
-32.9 %
|
26
|
10
|
9.2 %
|
3.2 pp
|
Buffalo-Cheektowaga,
N.Y.
|
$250,000
|
11.1 %
|
9.4 %
|
12.8 %
|
-17.1 %
|
43
|
14
|
5.6 %
|
2.1 pp
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$425,000
|
2.9 %
|
0.8 %
|
85.3 %
|
-15.0 %
|
40
|
22
|
11.1 %
|
2.2 pp
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$369,000
|
5.5 %
|
-3.4 %
|
-4.5 %
|
-31.2 %
|
39
|
8
|
8.3 %
|
2.1 pp
|
Cincinnati,
Ohio-Ky.-Ind.
|
$385,000
|
20.3 %
|
5.7 %
|
25.1 %
|
-18.7 %
|
35
|
7
|
7.3 %
|
2.3 pp
|
Cleveland-Elyria,
Ohio
|
$225,000
|
15.4 %
|
7.6 %
|
15.0 %
|
-23.4 %
|
44
|
7
|
9.4 %
|
3.6 pp
|
Columbus,
Ohio
|
$385,000
|
16.9 %
|
5.5 %
|
20.3 %
|
-24.1 %
|
24
|
13
|
10.5 %
|
4.5 pp
|
Dallas-Fort
Worth-Arlington, Texas
|
$460,000
|
4.3 %
|
-1.5 %
|
130.9 %
|
-5.2 %
|
40
|
17
|
15.8 %
|
9.3 pp
|
Denver-Aurora-Lakewood,
Colo.
|
$679,000
|
0.4 %
|
0.5 %
|
68.5 %
|
-26.5 %
|
25
|
20
|
13.6 %
|
7.0 pp
|
Detroit-Warren-Dearborn, Mich.
|
$250,000
|
0.0 %
|
-0.6 %
|
17.5 %
|
-16.6 %
|
39
|
15
|
11.6 %
|
1.8 pp
|
Hartford-East
Hartford-Middletown, Conn.
|
$400,000
|
14.3 %
|
4.0 %
|
-18.5 %
|
-25.7 %
|
24
|
8
|
4.4 %
|
0.0 pp
|
Houston-The
Woodlands-Sugar Land, Texas
|
$372,000
|
-4.6 %
|
-2.6 %
|
55.9 %
|
-11.8 %
|
44
|
8
|
13.3 %
|
4.2 pp
|
Indianapolis-Carmel-Anderson, Ind.
|
$330,000
|
10.0 %
|
4.0 %
|
62.0 %
|
-1.2 %
|
39
|
9.5
|
11.6 %
|
5.4 pp
|
Jacksonville,
Fla.
|
$410,000
|
0.0 %
|
-0.3 %
|
124.6 %
|
-9.3 %
|
52
|
23
|
17.0 %
|
10.4 pp
|
Kansas City,
Mo.-Kan.
|
$460,000
|
21.1 %
|
11.7 %
|
50.2 %
|
-21.1 %
|
71
|
32
|
9.0 %
|
4.9 pp
|
Las
Vegas-Henderson-Paradise, Nev.
|
$460,000
|
-7.1 %
|
-5.9 %
|
55.4 %
|
-30.9 %
|
50
|
26
|
17.9 %
|
7.5 pp
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,100,000
|
12.2 %
|
4.3 %
|
17.4 %
|
-29.6 %
|
44
|
15
|
8.2 %
|
2.1 pp
|
Louisville/Jefferson
County, Ky.-Ind.
|
$320,000
|
10.3 %
|
2.2 %
|
24.5 %
|
-12.0 %
|
36
|
14
|
11.6 %
|
4.2 pp
|
Memphis,
Tenn.-Miss.-Ark.
|
$325,000
|
31.7 %
|
14.3 %
|
102.6 %
|
-12.6 %
|
49
|
16
|
14.5 %
|
7.9 pp
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$605,000
|
4.8 %
|
2.6 %
|
82.0 %
|
-18.1 %
|
66
|
23
|
12.7 %
|
7.4 pp
|
Milwaukee-Waukesha,
Wis.
|
$365,000
|
21.7 %
|
9.7 %
|
-16.9 %
|
-28.7 %
|
31
|
3
|
6.3 %
|
-0.7 pp
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$450,000
|
7.7 %
|
16.9 %
|
14.4 %
|
-20.9 %
|
37
|
8
|
7.5 %
|
2.6 pp
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$564,000
|
7.4 %
|
0.0 %
|
192.9 %
|
-0.7 %
|
32
|
21
|
18.4 %
|
11.0 pp
|
New Orleans-Metairie,
La.
|
$340,000
|
-2.6 %
|
0.1 %
|
97.7 %
|
-18.8 %
|
57
|
18
|
19.6 %
|
8.5 pp
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$700,000
|
6.1 %
|
8.8 %
|
-2.4 %
|
-24.5 %
|
54
|
11
|
7.5 %
|
1.6 pp
|
Oklahoma City,
Okla.
|
$353,000
|
13.3 %
|
6.6 %
|
103.7 %
|
-13.2 %
|
47
|
14
|
14.9 %
|
9.0 pp
|
Orlando-Kissimmee-Sanford, Fla.
|
$441,000
|
2.7 %
|
0.0 %
|
109.5 %
|
-19.1 %
|
52
|
21
|
14.1 %
|
7.9 pp
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$339,000
|
4.4 %
|
3.3 %
|
9.9 %
|
-26.9 %
|
46
|
10
|
11.0 %
|
3.2 pp
|
Phoenix-Mesa-Chandler,
Ariz.
|
$519,000
|
-1.2 %
|
-4.7 %
|
121.3 %
|
-29.3 %
|
51
|
27
|
21.4 %
|
11.6 pp
|
Pittsburgh,
Pa.
|
$225,000
|
0.0 %
|
-3.9 %
|
26.0 %
|
-18.2 %
|
47
|
7
|
12.2 %
|
3.5 pp
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$629,000
|
7.5 %
|
-1.8 %
|
51.1 %
|
-28.7 %
|
37
|
10
|
10.9 %
|
0.4 pp
|
Providence-Warwick,
R.I.-Mass.
|
$530,000
|
11.6 %
|
7.3 %
|
10.5 %
|
-28.4 %
|
36
|
11
|
5.4 %
|
1.2 pp
|
Raleigh-Cary,
N.C.
|
$465,000
|
-2.4 %
|
-4.7 %
|
183.2 %
|
-11.4 %
|
50
|
39
|
9.7 %
|
4.7 pp
|
Richmond,
Va.
|
$421,000
|
12.9 %
|
8.5 %
|
36.2 %
|
-14.7 %
|
42
|
8
|
6.1 %
|
3.0 pp
|
Riverside-San
Bernardino-Ontario, Calif.
|
$569,000
|
-4.2 %
|
0.1 %
|
35.4 %
|
-34.9 %
|
53
|
24
|
11.1 %
|
2.7 pp
|
Rochester,
N.Y.*
|
$265,000
|
N/A
|
N/A
|
-1.5 %
|
-24.9 %
|
17
|
6
|
5.2 %
|
-0.3 pp
|
Sacramento-Roseville-Folsom, Calif.
|
$660,000
|
1.7 %
|
-3.8 %
|
-7.6 %
|
-38.3 %
|
36
|
11
|
8.8 %
|
-1.6 pp
|
San Antonio-New
Braunfels, Texas
|
$354,000
|
-1.7 %
|
-2.0 %
|
138.2 %
|
0.4 %
|
56
|
23
|
16.8 %
|
9.8 pp
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$1,000,000
|
11.1 %
|
5.9 %
|
1.1 %
|
-39.4 %
|
34
|
11
|
7.2 %
|
0.6 pp
|
San
Francisco-Oakland-Berkeley, Calif.
|
$1,150,000
|
4.7 %
|
-1.5 %
|
-1.6 %
|
-33.3 %
|
32
|
9
|
8.3 %
|
2.9 pp
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,525,000
|
6.0 %
|
3.1 %
|
-2.5 %
|
-39.2 %
|
27
|
11
|
7.0 %
|
3.3 pp
|
Seattle-Tacoma-Bellevue, Wash.
|
$825,000
|
3.1 %
|
4.3 %
|
43.4 %
|
-35.3 %
|
31
|
14
|
8.4 %
|
3.9 pp
|
St. Louis,
Mo.-Ill.
|
$285,000
|
5.6 %
|
4.5 %
|
15.1 %
|
-18.9 %
|
43
|
7
|
9.0 %
|
2.8 pp
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$410,000
|
-3.1 %
|
-1.7 %
|
151.7 %
|
-12.8 %
|
50
|
23
|
18.3 %
|
11.6 pp
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$384,000
|
13.1 %
|
6.9 %
|
17.0 %
|
-26.2 %
|
30
|
9
|
9.2 %
|
2.6 pp
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$624,000
|
10.4 %
|
2.1 %
|
5.1 %
|
-31.8 %
|
33
|
6
|
7.4 %
|
1.1 pp
|
*Some Rochester listing metrics have been excluded while data is
under review.
Methodology
Realtor.com® housing data
as of April 2023. Listings include
the active inventory of existing single-family homes and
condos/townhomes/rowhomes/co-ops for the given level of geography
on Realtor.com; new construction is excluded unless listed via an
MLS that provides listing data to Realtor.com.
Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as
defined by the Office of Management and Budget (OMB).
About
Realtor.com®
Realtor.com® is an
open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers,
empowering more people to find their way home by breaking down
barriers, helping them make the right connections, and creating
confidence through expert insights and guidance. For professionals,
Realtor.com® is a trusted partner for business growth,
offering 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. For more information, visit
Realtor.com® .
Media Contact
press@move.com
View original
content:https://www.prnewswire.com/news-releases/realtorcom-april-housing-report-lack-of-sellers-creates-inventory-woes-for-spring-buyers-on-top-of-higher-home-prices-and-rates-301815816.html
SOURCE Realtor.com