SANTA CLARA, Calif.,
Nov. 30, 2018 /PRNewswire/
-- The U.S. housing market showed signs of cooling in many of
the nation's largest metros this month with inventory increases
outpacing the rest of the country, listing prices slowing and price
cuts increasing. In contrast, smaller, more affordable markets
continued to see price gains, according to
realtor.com®'s November housing report released
today.
During the month of November, U.S. housing inventory rose 4
percent. However, in the nation's largest and most expensive
metros, inventory increased at a more rapid 9 percent. Seven of the
10 markets posting the largest year-over-year inventory increases
are located on the West Coast, five of which are in California.
"The housing market is a Tale of Two Cities as the divergence
widens between high-cost, large urban areas, and smaller, more
affordable markets," said Danielle
Hale, chief economist for realtor.com. "Buyers in larger
metros are seeing more homes on the market and listing prices
decline, while those in smaller markets continued to see price
increases."
Nationally, the percentage of listings that saw price reductions
increased to 22 percent in November, up from 19 percent a year ago.
The increase is being driven by the nation's largest markets. In
fact, 40 of the 45 top markets saw an increase in price reductions.
San Jose, Calif., topped the list
with the share of price reductions growing by 16 percent, from 17
percent last year to 33 percent in November. It was followed by
Indianapolis (+15 percent),
Seattle (+12 percent),
San Francisco (+9 percent) and
San Diego (+9 percent).
Small markets propel 9 percent increase in home
prices
The median U.S. listing price grew 9 percent year-over-year to
$293,000 in November, down slightly
from October, which is in line with the usual seasonal pattern, but
higher than last year's increase of 8 percent.
Of the 45 metros, 35 still saw year over year gains in their
median listing price, however only 8 markets outpaced the national
growth rate of 9 percent. This indicates that although prices are
still increasing nationally, the gains are predominantly from
smaller markets. Chattanooga,
Tenn. (+17%), Spokane,
Wash. (+15%), and Greensboro-High
Point, N.C. (+14%) are some of the markets that posted the
highest year-over-year median list price growth.
The steepest declines were felt in San
Jose, Calif. and Austin,
Texas, which were down 4 percent, or $41,000 and $15,000, respectively. Jacksonville, Fla., Nashville, Tenn., Houston, Tampa,
Fla., Dallas, and
San Francisco also saw
declines.
Homes continued to sell at a relatively rapid pace of 71 days on
average in November, five days faster than last year.
Metro
|
Active
Listing
Count YoY
|
New
Listing
Count YoY
|
Median
Listing
Price YoY
|
Price
Reduced
Count YoY
|
Price
Reduced
Share Y-Y
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
160%
|
19%
|
-4%
|
415%
|
16%
|
Seattle-Tacoma-Bellevue, Wash.
|
78%
|
13%
|
10%
|
156%
|
12%
|
San
Francisco-Oakland-Hayward, Calif.
|
58%
|
15%
|
-1%
|
151%
|
9%
|
San Diego-Carlsbad,
Calif.
|
46%
|
17%
|
1%
|
88%
|
9%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn,
|
31%
|
10%
|
-2%
|
52%
|
3%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
29%
|
-1%
|
1%
|
45%
|
4%
|
Los Angeles-Long
Beach-Anaheim, Calf.
|
27%
|
15%
|
4%
|
76%
|
7%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
19%
|
13%
|
1%
|
58%
|
7%
|
Jacksonville,
Fla.
|
18%
|
11%
|
-2%
|
43%
|
5%
|
Riverside-San
Bernardino-Ontario, Calif.
|
18%
|
6%
|
4%
|
52%
|
6%
|
Dallas-Fort
Worth-Arlington, Texas
|
17%
|
7%
|
-1%
|
25%
|
2%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
16%
|
12%
|
-1%
|
36%
|
6%
|
Detroit-Warren-Dearborn, Mich.
|
14%
|
19%
|
5%
|
27%
|
3%
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
12%
|
10%
|
5%
|
33%
|
4%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Penn.
|
12%
|
9%
|
11%
|
32%
|
3%
|
Orlando-Kissimmee-Sanford, Fla.
|
11%
|
7%
|
1%
|
45%
|
8%
|
Houston-The
Woodlands-Sugar Land, Texas
|
11%
|
10%
|
-1%
|
18%
|
2%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
10%
|
4%
|
0%
|
23%
|
2%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
8%
|
10%
|
4%
|
29%
|
5%
|
Austin-Round Rock,
Texas
|
8%
|
2%
|
-4%
|
18%
|
3%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
8%
|
8%
|
0%
|
42%
|
8%
|
San Antonio-New
Braunfels, Texas
|
6%
|
11%
|
2%
|
20%
|
3%
|
Raleigh,
N.C.
|
5%
|
11%
|
1%
|
30%
|
5%
|
Hartford-West
Hartford-East Hartford, Conn.
|
5%
|
-4%
|
3%
|
5%
|
0%
|
Kansas City,
Mo.-Kan.
|
4%
|
0%
|
10%
|
54%
|
9%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
3%
|
5%
|
4%
|
11%
|
2%
|
Richmond,
Va.
|
2%
|
14%
|
3%
|
29%
|
6%
|
Rochester,
N.Y.
|
1%
|
9%
|
6%
|
34%
|
6%
|
New Orleans-Metairie,
La.
|
0%
|
-11%
|
2%
|
-11%
|
-3%
|
Cincinnati,
Ohio-Ky.-Ind.
|
0%
|
8%
|
9%
|
8%
|
2%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-1%
|
0%
|
8%
|
5%
|
2%
|
Virginia
Beach-Norfolk-Newport News, Va-N.C.
|
-2%
|
-2%
|
3%
|
3%
|
1%
|
Memphis,
Tenn.-Miss.-Ark.
|
-2%
|
0%
|
11%
|
7%
|
2%
|
Louisville/Jefferson
County, Ky.-Ind.
|
-2%
|
-6%
|
10%
|
-2%
|
0%
|
Cleveland-Elyria,
Ohio
|
-3%
|
4%
|
9%
|
10%
|
3%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-3%
|
4%
|
3%
|
14%
|
7%
|
St. Louis,
Mo.-Ill.
|
-3%
|
-12%
|
8%
|
-3%
|
0%
|
Washington-Arlington-Alexandria,
D.C.-Va-Md.-W.V.
|
-5%
|
-5%
|
1%
|
7%
|
3%
|
Baltimore-Columbia-Towson, Md.
|
-6%
|
-7%
|
3%
|
11%
|
4%
|
Philadelphia-Camden-Wilmington,
Penn.-N.J.-Del.-Md.
|
-7%
|
-10%
|
9%
|
2%
|
3%
|
Pittsburgh,
Penn.
|
-7%
|
5%
|
2%
|
-3%
|
1%
|
Oklahoma City,
Okla.
|
-8%
|
-2%
|
6%
|
-13%
|
-2%
|
Milwaukee-Waukesha-West Allis, Wis.
|
-9%
|
7%
|
13%
|
7%
|
3%
|
Birmingham-Hoover,
Ala.
|
-9%
|
-3%
|
10%
|
7%
|
2%
|
Indianapolis-Carmel-Anderson, Ind.
|
-11%
|
4%
|
13%
|
39%
|
15%
|
Click here for more information.
About realtor.com®
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The Home of Home Search℠, offers an extensive inventory of for-sale
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professional expertise that help people move confidently through
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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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content:http://www.prnewswire.com/news-releases/november-housing-market-is-a-tale-of-two-markets-300758057.html
SOURCE realtor.com