SANTA CLARA, Calif.,
Oct. 3, 2018 /PRNewswire/ --
Realtor.com®, the Home of Home SearchTM,
today released its September housing report which shows national
inventory has started to flatten, signaling a crucial inflection
point for the inventory crisis. According to the report, inventory
declined a mere 0.2 percent from a year ago and is poised for
positive growth ahead, boosted by an 8 percent increase in new
listings -- the largest yearly jump since 2013.
"After years of record-breaking inventory declines, September's
almost flat inventory signals a big change in the real estate
market," said Danielle Hale, chief
economist for realtor.com®. "Would-be buyers who had
been waiting for a bigger selection of homes for sale may finally
see more listings materialize. But don't expect the level to jump
dramatically. Plenty of buyers in the market are scooping up homes
as soon as they're listed, which will keep national increases
relatively small for the time being."
In September, the U.S. median listing price remained at
$295,000, a 7 percent increase
year-over-year, but lower than last year's 10 percent increase.
Homes continued to sell at a relatively rapid pace of 65 days on
average, 4 days faster than last year. More than 465,000 new
listings entered the market in September, an 8 percent increase and
the biggest yearly jump since 2013. These new listings were 8
percent, or $25,000, cheaper than
existing inventory in the market, and 10 percent, or 200
square-feet, smaller than homes already in the market, on average.
Although single-family home inventory remained relatively flat,
declining by only 1 percent, new inventory growth was found in
condominiums and townhomes, which are now up 3 percent
year-over-year.
The inventory recovery is particularly visible in larger cities.
In September, 22 of the 45 largest markets in the U.S. saw
year-over-year inventory increases. The five markets that saw the
largest inventory jumps were San Jose,
Calif.; Seattle;
Jacksonville, Fla.; San Diego, and San
Francisco, all posting increases of 31 percent or more.
Inventory also rose over last year in Chicago, Miami, Dallas, Boston, Los
Angeles, and New York.
Combined inventory in the 45 largest markets increased 5.6 percent
year-over-year on average, the largest yearly increase since
realtor.com® started tracking it in 2013.
New Listing Growth
in Largest 45 Metro Markets*
|
|
MSA
|
Active Listing
Count
YoY
|
New Listing Count
YoY
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
113%
|
82%
|
Seattle-Tacoma-Bellevue, Wash.
|
47%
|
20%
|
San Diego-Carlsbad,
Calif.
|
34%
|
24%
|
San
Francisco-Oakland-Hayward, Calif.
|
33%
|
23%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
31%
|
27%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
21%
|
10%
|
Riverside-San
Bernardino-Ontario, Calif.
|
15%
|
11%
|
Dallas-Fort
Worth-Arlington, Texas
|
14%
|
3%
|
Jacksonville,
Fla.
|
14%
|
54%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
13%
|
20%
|
Kansas City,
Mo.-Kan.
|
8%
|
0%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
7%
|
65%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
7%
|
21%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
7%
|
14%
|
Houston-The
Woodlands-Sugar Land, Texas
|
5%
|
18%
|
Detroit-Warren-Dearborn, Mich.
|
5%
|
8%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
3%
|
79%
|
Hartford-West
Hartford-East Hartford, Conn.
|
3%
|
-4%
|
San Antonio-New
Braunfels, Texas
|
3%
|
8%
|
Austin-Round Rock,
Texas
|
2%
|
8%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
1%
|
10%
|
Raleigh,
N.C.
|
1%
|
0%
|
New Orleans-Metairie,
La.
|
-1%
|
-9%
|
Rochester,
N.Y.
|
-1%
|
-6%
|
Orlando-Kissimmee-Sanford, Fla.
|
-1%
|
50%
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-1%
|
12%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-2%
|
4%
|
Memphis,
Tenn.-Miss.-Ark.
|
-2%
|
2%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-2%
|
9%
|
Baltimore-Columbia-Towson, Md.
|
-3%
|
3%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
-3%
|
12%
|
St. Louis,
Mo.-Ill.
|
-4%
|
-1%
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.V.
|
-5%
|
-1%
|
Richmond,
Va.
|
-5%
|
-4%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-5%
|
1%
|
Cleveland-Elyria,
Ohio
|
-5%
|
0%
|
Cincinnati,
Ohio-Ky.-Ind.
|
-6%
|
-1%
|
Louisville/Jefferson
County, Ky.-Ind.
|
-7%
|
4%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-8%
|
-2%
|
Birmingham-Hoover,
Ala.
|
-10%
|
8%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-11%
|
7%
|
Pittsburgh,
Pa.
|
-11%
|
-5%
|
Oklahoma City,
Okla.
|
-11%
|
-8%
|
Milwaukee-Waukesha-West Allis, Wis.
|
-14%
|
2%
|
Indianapolis-Carmel-Anderson, Ind.
|
-21%
|
10%
|
|
* Excluded: Denver;
Columbus, Mo.; and Las Vegas due to MLS feed changes during the
period analyzed.
|
About realtor.com®
Realtor.com®, The Home of Home Search℠, offers the
most comprehensive source of for-sale MLS-listed properties, among
competing national sites, and access to the information, tools and
professional expertise to help people move confidently through
every step of their home journey. It pioneered the world of digital
real estate 20 years ago, and today is the trusted resource for
home buyers, sellers and dreamers by making all things home simple,
efficient and enjoyable. Realtor.com® is operated
by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit
realtor.com®.
Contact:
Lexie Puckett
Holbert: lexie.puckett@move.com
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SOURCE realtor.com