In April, the U.S. supply of active listings
posted the smallest year-over-year decline (-12.2%) since the end
of 2019, led by gains in the share of mid-sized homes
SANTA
CLARA, Calif., May 10, 2022
/PRNewswire/ -- New data suggests that the U.S. housing supply
is readying to rebound, as active listings posted the smallest
year-over-year declines (-12.2%) since December 2019, according to the
Realtor.com® Monthly Housing Trends Report released
today. Inventory improvements were led by increases in the share of
mid-sized homes, which could mean more listings available to
families looking to upgrade from their starter homes – which could,
in turn, potentially result in an uptick in first-time buying
options.
"April data suggests a positive turn of events is on the horizon
for weary buyers: If the trends we're seeing now hold true, we
could potentially see year-over-year inventory growth within the
next few weeks," said Danielle Hale,
Chief Economist for Realtor.com®. "The key to this
growth will be the continuation of softening buyer competition and
an increasing number of sellers putting homes on the market.
While home shoppers are still seeking relief from record-high
asking prices and all-time low supply, when compared to the past
two-plus years of double-digit annual inventory declines, an
imminent rebound is welcome news – a real estate refresh, if you
will. There's a long uphill climb to balance, but it starts with
heading in the right direction, and April data shows a lot of
promise."
April 2022 Housing Metrics –
National
Metric
|
Change over April
2021
|
Change over April
2019
|
Median Listing
Price
|
14.2% (to
$425,000)
|
33.8%
|
Median Listing Price
per Square Foot
|
15.1%
|
45.3%
|
Active
Listings
|
-12.2%
|
-66.8%
|
New listings
|
-0.9%
|
-14.6%
|
Median Days on
Market
|
-6 (to 34
days)
|
-25
|
Inventory charts an accelerated path towards growth, led by
mid-sized family homes
In April, the U.S. supply of for-sale
homes showed multiple signs of accelerated improvements, as higher
mortgage rates cut into some buyers' flexibility to compete.
Although new listings declined year-over-year, so did the number of
homes under contract, suggesting that softening demand is cooling
the feverish pace of home sales. As a result of these combined
trends, the gap in active listings from last year continued to
shrink, led by increases in the share of mid-sized homes. This
could mean more options available to families looking to upgrade
from and sell their starter homes, which, in turn, could
potentially lead to an increase in critical first-time buying
inventory. For all buyers still in the game, the continuation of
these trends would likely mean some sooner-than-expected relief in
available options. Inventory could hit annual growth by next month
and begin the long road to full recovery from COVID declines.
- The U.S. inventory of active listings was down 12.2%
year-over-year in April, an improvement over March
(-18.9%) and the smallest annual decline since December 2019 (-12.7%). Among this supply, the
share of mid-sized (1,750-3,000 square foot) homes posted the
biggest gain, up 2.34 percentage points year-over-year (see table
below).
- Nationally, pending listings were down 9.5% year-over-year, a
potential side effect of moderating demand on the pace of inventory
turnover. These trends reflect intensifying cost pressures faced by
buyers, with the cost of financing 80% of the typical home listing
up by almost 50% compared to a year ago.
- New listings gained some momentum in April, but ultimately
ended the month slightly below last year's level (-0.9%) and 13.0%
lower than typical April levels from 2017-2019.
- Compared to the national rate, active listings declines from
April 2021 were relatively smaller in
the 50 largest metros, on average (-10.3%), and hit positive
territory in eight markets, led by Riverside, Calif. (+23.3%), Austin, Texas (+16.5%) and Sacramento, Calif. (+11.8%).
- Seventeen metros posted year-over-year gains in newly-listed
homes, topped by New Orleans
(+15.2%), San Antonio (+12.5%) and
Denver (+11.3%).
April 2022 Active Listings Metrics
– National
Home Size
Range (Sq. Ft.)
|
Share of Active
Listings
|
Change over
April 2021, by pct. pts.
|
0-750
|
4.3%
|
-0.6%
|
750-1,750
|
41.9%
|
0.2%
|
1,750-3,000
|
35.3%
|
2.3%
|
3,000-6,000
|
15.7%
|
-1.2%
|
6,000+
|
2.8%
|
-0.7%
|
Time on market remains at a record-low, but narrows in on the
2021 pace
For buyers still in the market, softening
competition is offering some much-needed relief from the feverish
pace that inventory is moving compared to last year. Homes continue
to sell quickly, at a record-fast pace in April, but the gap from
last year has been shrinking. In fact, the yearly rate dropped by
half from March. Conditions were relatively more competitive in the
50 largest U.S. metros, all of which posted yearly declines in time
on market. Many of the metros where homes moved fastest compared to
last year were in the Sun Belt region, which has become
increasingly popular with prospective buyers from out of the
state.
- In April, the typical U.S. home spent 34 days on market, six
days less than last year and beating the previous record-low in
June 2021 (36 days). However, yearly
declines moderated significantly over the March rate (-11
days).
- Average time on market in the 50 largest U.S. metros was 28
days, six days fewer than last year. Regionally, the South posted
the biggest year-over-year declines in time on market (-9 days),
followed by the West (-5 days).
- At the metro-level, homes moved at the fastest year-over-year
pace in Miami (-29 days),
St. Louis (-15 days), Raleigh, N.C. (-14 days), Orlando, Fla. (-13 days) and Hartford, Conn. (-13 days).
Home prices hit another all-time high even as more sellers
make price reductions
Despite moderating demand, the U.S.
median home price hit yet another all-time high and accelerated
over the March annual growth pace in April. While already elevated,
this increase may be lower than what some home shoppers
experienced, because medians can shift along with the mix of
for-sale inventory. April's median reflects fewer large listings
and more mid-sized listings available compared to a year ago, with
listing prices per square foot rising at a relatively faster pace
than the overall median, but moderating slightly from the March
rate. In another sign of some buyers tightening their budgets in
the face of rate hikes, the share of sellers making price
reductions increased year-over-year nationwide and in the majority
of large metros.
- The median national home price hit a new all-time high of
$425,000 in April, up 14.2%
year-over-year. While overall asking prices accelerated over last
month's pace (13.5%), the annual growth rate declined on a square
foot basis, to 15.1% from 15.7% in March.
- Nationally, the share of homes with price reductions increased
1.3 percentage points year-over-year to 6.9%, but lagged behind
typical 2017 to 2019 levels (-9 percentage points).
- In April, listing prices in the 50 largest U.S. metros grew at
a single-digit pace (+9.5%), on average. However, asking prices per
square foot increased by double-digits (+12.3%) and closer to the
national rate overall.
- Western (+14.5%) and southern (+14.1%) metros topped the list
of biggest year-over-year price increases, up 22% or more in
Miami, Las Vegas, Orlando,
Fla., Tampa, Fla.,
Austin, Nashville, Tenn., Jacksonville, Fla. and Phoenix.
- In 40 of the 50 largest metros, the share of listings to which
price reductions were made in the month of April increased
year-over-year, by the most percentage points in: Austin (+6.8), Las
Vegas (+5.3) and Sacramento
(+4.7).
April 2022 Housing Metrics – 50
Largest U.S. Metros
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
|
Price
Reduced
Share
|
Price
Reduced
Share
Y-Y
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$411,000
|
8.2%
|
13.3%
|
-10.0%
|
-9.1%
|
31
|
-4
|
8.0%
|
3.0%
|
Austin-Round Rock,
Texas
|
$625,000
|
27.6%
|
27.7%
|
16.5%
|
-7.6%
|
15
|
-12
|
9.4%
|
6.8%
|
Baltimore-Columbia-Towson, Md.
|
$330,000
|
-1.5%
|
6.2%
|
-8.7%
|
-7.0%
|
31
|
-2
|
7.5%
|
1.2%
|
Birmingham-Hoover,
Ala.
|
$270,000
|
-2.5%
|
7.5%
|
-4.7%
|
-2.3%
|
36
|
-5
|
6.4%
|
2.0%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$754,000
|
7.9%
|
6.7%
|
-25.5%
|
-3.7%
|
17
|
-5
|
6.5%
|
-0.3%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$227,000
|
-9.1%
|
1.5%
|
-8.4%
|
-1.6%
|
35
|
-1
|
3.6%
|
0.3%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$419,000
|
7.7%
|
15.3%
|
-6.4%
|
9.3%
|
19
|
-13
|
9.6%
|
3.0%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$350,000
|
0.0%
|
0.3%
|
-26.8%
|
-15.0%
|
33
|
-3
|
5.9%
|
-0.7%
|
Cincinnati,
Ohio-Ky.-Ind.
|
$331,000
|
-6.0%
|
7.5%
|
-11.5%
|
4.3%
|
36
|
-3
|
4.8%
|
0.4%
|
Cleveland-Elyria,
Ohio
|
$192,000
|
-14.3%
|
1.7%
|
-2.0%
|
3.6%
|
39
|
-6
|
5.3%
|
-0.3%
|
Columbus,
Ohio
|
$325,000
|
6.6%
|
11.8%
|
-4.6%
|
-0.3%
|
14
|
-2
|
5.9%
|
0.1%
|
Dallas-Fort
Worth-Arlington, Texas
|
$438,000
|
17.1%
|
19.2%
|
-6.9%
|
5.6%
|
25
|
-8
|
6.5%
|
2.2%
|
Denver-Aurora-Lakewood,
Colo.
|
$675,000
|
17.4%
|
8.1%
|
-0.3%
|
11.3%
|
8
|
-5
|
6.3%
|
2.6%
|
Detroit-Warren-Dearborn, Mich.
|
$248,000
|
-9.8%
|
2.6%
|
4.9%
|
0.2%
|
25
|
-1
|
10.7%
|
3.0%
|
Hartford-West
Hartford-East Hartford, Conn.*
|
$350,000
|
15.7%
|
23.2%
|
___
|
0.8%
|
20
|
-13
|
4.2%
|
-1.8%
|
Houston-The
Woodlands-Sugar Land, Texas
|
$389,000
|
11.4%
|
13.5%
|
-10.8%
|
-0.2%
|
37
|
-6
|
8.9%
|
2.0%
|
Indianapolis-Carmel-Anderson, Ind.
|
$300,000
|
9.2%
|
15.1%
|
-14.4%
|
-7.6%
|
34
|
-7
|
6.2%
|
0.4%
|
Jacksonville,
Fla.
|
$419,000
|
22.9%
|
22.7%
|
-7.3%
|
-5.3%
|
33
|
-6
|
6.1%
|
1.7%
|
Kansas City,
Mo.-Kan.
|
$386,000
|
12.2%
|
14.3%
|
9.0%
|
-3.8%
|
41
|
0
|
3.9%
|
0.6%
|
Las
Vegas-Henderson-Paradise, Nev.
|
$494,000
|
32.6%
|
27.5%
|
-4.8%
|
4.9%
|
22
|
-6
|
12.1%
|
5.3%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$950,000
|
-3.9%
|
5.3%
|
-21.8%
|
-8.1%
|
29
|
-5
|
6.1%
|
0.9%
|
Louisville/Jefferson
County, Ky.-Ind.
|
$290,000
|
8.8%
|
11.0%
|
-7.8%
|
-12.3%
|
25
|
-4
|
7.3%
|
1.4%
|
Memphis,
Tenn.-Miss.-Ark.
|
$239,000
|
-0.3%
|
17.1%
|
10.6%
|
1.4%
|
35
|
-8
|
5.9%
|
2.2%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$578,000
|
38.3%
|
25.4%
|
-46.6%
|
-8.7%
|
43
|
-29
|
5.2%
|
-0.5%
|
Milwaukee-Waukesha-West
Allis, Wis.
|
$332,000
|
5.6%
|
2.2%
|
-0.8%
|
-9.8%
|
35
|
-3
|
6.5%
|
1.3%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$414,000
|
15.1%
|
-2.1%
|
-16.5%
|
-3.3%
|
32
|
-2
|
5.0%
|
1.3%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$522,000
|
26.2%
|
18.3%
|
-10.5%
|
5.5%
|
12
|
-7
|
8.3%
|
3.2%
|
New Orleans-Metairie,
La.
|
$349,000
|
2.0%
|
0.0%
|
-8.2%
|
15.2%
|
41
|
-12
|
11.0%
|
2.6%
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$712,000
|
9.6%
|
30.8%
|
-6.4%
|
-1.4%
|
45
|
-4
|
6.9%
|
-0.6%
|
Oklahoma City,
Okla.*
|
$315,000
|
6.6%
|
16.6%
|
-0.4%
|
___
|
36
|
-7
|
5.9%
|
0.0%
|
Orlando-Kissimmee-Sanford, Fla.
|
$427,000
|
30.7%
|
28.9%
|
-22.2%
|
3.5%
|
32
|
-13
|
6.5%
|
0.8%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$323,000
|
-5.0%
|
5.1%
|
-5.8%
|
1.9%
|
36
|
-4
|
7.9%
|
1.3%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$527,000
|
22.0%
|
22.2%
|
9.8%
|
-4.1%
|
27
|
-4
|
9.2%
|
3.9%
|
Pittsburgh,
Pa.
|
$227,000
|
-15.1%
|
-7.6%
|
-8.2%
|
-5.1%
|
43
|
-1
|
8.6%
|
1.4%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$585,000
|
11.2%
|
13.3%
|
-11.2%
|
-1.2%
|
30
|
-4
|
10.7%
|
1.7%
|
Providence-Warwick,
R.I.-Mass.
|
$475,000
|
17.3%
|
13.2%
|
-16.1%
|
-7.4%
|
27
|
-6
|
4.0%
|
0.6%
|
Raleigh,
N.C.
|
$475,000
|
17.9%
|
23.7%
|
-34.5%
|
-10.9%
|
9
|
-14
|
5.4%
|
1.8%
|
Richmond,
Va.
|
$375,000
|
3.0%
|
10.4%
|
-26.4%
|
-10.2%
|
35
|
-5
|
3.3%
|
-0.3%
|
Riverside-San
Bernardino-Ontario, Calif.
|
$592,000
|
18.4%
|
17.3%
|
23.3%
|
2.0%
|
28
|
0
|
8.2%
|
4.5%
|
Rochester,
N.Y.
|
$200,000
|
-19.9%
|
-4.3%
|
-13.6%
|
-8.4%
|
11
|
-5
|
5.7%
|
0.0%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$649,000
|
13.2%
|
14.1%
|
11.8%
|
-1.0%
|
24
|
-2
|
9.7%
|
4.7%
|
San Antonio-New
Braunfels, Texas
|
$371,000
|
18.2%
|
19.7%
|
11.7%
|
12.5%
|
36
|
-5
|
6.4%
|
2.1%
|
San Diego-Carlsbad,
Calif.
|
$900,000
|
9.8%
|
11.4%
|
-15.3%
|
-7.5%
|
22
|
-7
|
5.6%
|
1.6%
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,098,000
|
4.6%
|
6.3%
|
-4.1%
|
-3.0%
|
24
|
-6
|
5.1%
|
1.3%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,432,000
|
15.2%
|
10.8%
|
-29.2%
|
-4.1%
|
20
|
-9
|
3.2%
|
-1.6%
|
Seattle-Tacoma-Bellevue, Wash.
|
$800,000
|
19.5%
|
10.0%
|
-20.6%
|
-10.4%
|
21
|
-7
|
4.4%
|
1.1%
|
St. Louis,
Mo.-Ill.
|
$273,000
|
4.1%
|
5.7%
|
-14.4%
|
-8.2%
|
40
|
-15
|
6.0%
|
0.6%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$412,000
|
28.8%
|
28.7%
|
-3.2%
|
0.6%
|
29
|
-8
|
6.4%
|
1.1%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$349,000
|
10.3%
|
10.9%
|
-33.4%
|
-14.8%
|
18
|
-7
|
6.8%
|
0.8%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$562,000
|
11.3%
|
3.7%
|
-15.7%
|
-14.1%
|
28
|
-2
|
6.3%
|
0.5%
|
Methodology
Realtor.com® housing data as of
April 2022. Listings include active
inventory of existing single-family homes and condos/townhomes for
the given level of geography; new construction is excluded unless
listed via an MLS.
*Note: Oklahoma City new
listings and Hartford active
listings metrics are not available while data is under review.
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Media Contact
rachel.conner@move.com
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SOURCE Realtor.com