SANTA CLARA, Calif.,
Jan. 30, 2019 /PRNewswire/ -- Only
six months following the most competitive home buying
season of all time, realtor.com®'s January
housing report released today shows the U.S. housing market is
off to a slower start in 2019. Although home prices are increasing,
15 percent of U.S. listings had price cuts in January, and declines
in days on market have significantly decelerated since last
year.
"The U.S. housing market is off to a slower start this year in
many markets, compared to the rapid acceleration we saw last
January," said Danielle Hale, chief economist for
realtor.com®. "Although the market is slowing,
it's important to remember that we're coming off of four straight
years of inventory declines that pushed the market to a record low
availability of homes for sale. The real metric to keep an eye on
is entry-level homes, which are the key to getting today's market
back in balance. These homes are still in short-supply."
Sellers are making price cuts, especially in the sunshine
states
In January, the share of homes which had their
prices cut increased by 2 percent compared to the previous year.
This increase was driven by price reductions in the nation's
largest markets. In fact, 39 of the 50 largest markets saw an
increase in their share of price reductions compared to last year.
Las Vegas saw the greatest
increase in price reductions in January, up 16 percent. It was
followed by San Jose(+9 percent),
Seattle (+8 percent), Orlando
(+6 percent), and Phoenix (+5
percent).
Time on market increases across America's largest
metros
Nationally, homes sold in 87 days in January, two
days faster than last year. But the rate of this decline is
decelerating. In January 2018, homes
sold a full week faster compared to the previous year. In the 50
largest U.S. metros, the typical home spent an average of one more
day on the market in January 2019,
compared to the previous year. San Jose,
Calif., Seattle and
San Francisco saw the largest
increases in days on market with properties spending 27, 19 and 15
more days on the market, respectively. On the flipside, properties
in Birmingham, Ala., Milwaukee and Cleveland sold 14, 11 and 9 days faster than
last year, respectively.
Inventory increases in expensive markets keep home prices
high
The median U.S. listing price grew 7 percent
year-over-year to $289,300 in
January, slightly lower than last year's increase of 8 percent.
This moderate deceleration in home prices is likely attributed to
inventory growth in the upper tier of the nation's most expensive
markets. The number of homes priced $750,000 and above grew 12 percent over last
year, while the number of homes $200,000 and under declined by 6
percent.
Of the 50 largest metros, 32 saw year-over-year gains in median
listing prices, but only 12 markets outpaced the national increase
of 7 percent. Rochester, N.Y. (18
percent increase), Milwaukee (16
percent increase), and Seattle (12
percent increase) posted the highest year-over-year median list
price growth in January. The steepest median listing prices
declines were felt in San Jose,
Calif., where prices were down 9 percent, or $100,000. Dallas,
Texas; Austin, Houston, and Nashville, Tenn., followed with a decline of 4
percent in Dallas and Austin and 3 percent in Houston and Nashville.
About realtor.com®
Realtor.com®, The Home of Home Search℠, offers an
extensive inventory of for-sale and rental listings, and access to
information, tools and professional expertise that 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
Markets with the Largest Inventory Increases
Metro
|
Median Listing
Price
|
Median
Listing Price
(YoY)
|
Inventory
(YOY)
|
New Listing
Inventory
(YOY)
|
Share of price
reductions (Y-Y)
|
Median Days on
Market (Y-Y)
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$999,494
|
-9%
|
128%
|
29%
|
9%
|
27
|
Seattle-Tacoma-Bellevue, Wash.
|
$561,543
|
12%
|
91%
|
14%
|
8%
|
19
|
San
Francisco-Oakland-Hayward, Calif.
|
$837,525
|
-1%
|
58%
|
16%
|
4%
|
15
|
San Diego-Carlsbad,
Calif.
|
$650,050
|
-1%
|
46%
|
17%
|
3%
|
5
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$699,950
|
-1%
|
36%
|
9%
|
5%
|
10
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$349,950
|
-3%
|
36%
|
29%
|
4%
|
5
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$459,950
|
0%
|
34%
|
22%
|
3%
|
9
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$449,550
|
2%
|
28%
|
-3%
|
0%
|
10
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$502,572
|
2%
|
27%
|
28%
|
3%
|
-1
|
Dallas-Fort
Worth-Arlington, Texas
|
$330,045
|
-4%
|
25%
|
13%
|
4%
|
5
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$309,900
|
3%
|
22%
|
27%
|
5%
|
-2
|
Detroit-Warren-Dearborn, Mich.
|
$219,950
|
10%
|
21%
|
18%
|
2%
|
-3
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$259,975
|
0%
|
21%
|
11%
|
3%
|
4
|
Riverside-San
Bernardino-Ontario, Calif.
|
$389,500
|
3%
|
18%
|
-2%
|
3%
|
8
|
Houston-The
Woodlands-Sugar Land, Texas
|
$308,050
|
-3%
|
18%
|
14%
|
2%
|
1
|
Jacksonville,
Fla.
|
$299,050
|
-3%
|
18%
|
23%
|
3%
|
4
|
Providence-Warwick,
R.I.-Mass.
|
$339,950
|
3%
|
16%
|
17%
|
2%
|
-8
|
Orlando-Kissimmee-Sanford, Fla.
|
$299,050
|
0%
|
15%
|
11%
|
6%
|
1
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$352,500
|
1%
|
14%
|
10%
|
4%
|
-1
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$515,050
|
9%
|
14%
|
17%
|
1%
|
-2
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$320,025
|
-2%
|
14%
|
24%
|
4%
|
-7
|
Austin-Round Rock,
Texas
|
$346,934
|
-4%
|
12%
|
17%
|
0%
|
2
|
Raleigh,
N.C.
|
$339,050
|
0%
|
12%
|
21%
|
4%
|
3
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$385,050
|
-1%
|
12%
|
4%
|
1%
|
5
|
Richmond,
Va.
|
$300,025
|
3%
|
9%
|
9%
|
2%
|
-5
|
San Antonio-New
Braunfels, Texas
|
$285,000
|
2%
|
9%
|
20%
|
3%
|
-1
|
Louisville/Jefferson
County, Ky.-Ind.
|
$239,950
|
6%
|
9%
|
13%
|
1%
|
-6
|
Hartford-West
Hartford-East Hartford, Conn.
|
$259,950
|
0%
|
8%
|
-1%
|
-1%
|
7
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$174,950
|
9%
|
7%
|
11%
|
3%
|
-2
|
Las
Vegas-Henderson-Paradise, Nev.
|
$314,994
|
8%
|
7%
|
27%
|
16%
|
2
|
Columbus,
Ohio
|
$229,950
|
4%
|
6%
|
14%
|
2%
|
0
|
Kansas City,
Mo.-Kan.
|
$287,050
|
11%
|
6%
|
2%
|
3%
|
5
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$279,950
|
3%
|
5%
|
4%
|
1%
|
-2
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$335,050
|
2%
|
4%
|
2%
|
5%
|
-2
|
Baltimore-Columbia-Towson, Md.
|
$296,523
|
4%
|
4%
|
1%
|
2%
|
-1
|
Cincinnati,
Ohio-Ky.-Ind.
|
$231,300
|
5%
|
2%
|
3%
|
1%
|
-7
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$280,025
|
4%
|
1%
|
14%
|
0%
|
-8
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$249,995
|
9%
|
0%
|
7%
|
0%
|
-5
|
New Orleans-Metairie,
La.
|
$270,275
|
0%
|
0%
|
18%
|
3%
|
2
|
Cleveland-Elyria,
Ohio
|
$170,000
|
6%
|
-1%
|
5%
|
1%
|
-9
|
Memphis,
Tenn.-Ms.-Ark.
|
$204,838
|
9%
|
-3%
|
18%
|
1%
|
-6
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.V.
|
$419,000
|
1%
|
-4%
|
-7%
|
1%
|
2
|
Pittsburgh,
Pa.
|
$169,950
|
0%
|
-4%
|
9%
|
0%
|
-5
|
St. Louis,
Mo.-Ill.
|
$198,073
|
7%
|
-5%
|
-9%
|
0%
|
6
|
Milwaukee-Waukesha-West Allis, Wis.
|
$249,750
|
16%
|
-6%
|
8%
|
0%
|
-11
|
Rochester,
N.Y.
|
$189,275
|
18%
|
-6%
|
6%
|
0%
|
4
|
Indianapolis-Carmel-Anderson, Ind.
|
$239,150
|
9%
|
-7%
|
9%
|
5%
|
1
|
Birmingham-Hoover,
Ala.
|
$219,845
|
11%
|
-9%
|
16%
|
0%
|
-14
|
Tucson,
Ariz.
|
$280,000
|
6%
|
-9%
|
-5%
|
3%
|
-2
|
Oklahoma City,
Okla.
|
$235,000
|
4%
|
-11%
|
-7%
|
0%
|
-1
|
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content:http://www.prnewswire.com/news-releases/january-housing-data-shows-uptick-in-seller-price-cuts-300786504.html
SOURCE realtor.com