SANTA CLARA, Calif.,
March 4, 2021 /PRNewswire/ --
February's extreme weather throughout the U.S. exacerbated the
housing market's inventory woes, pushing the pace of new listings
coming onto the market further behind pre-pandemic levels,
according to the realtor.com® Monthly Housing
Trends Report released today. Unless the trend reverses itself,
buyers will be in for a much more competitive homebuying season
than last year.
"Last month's record cold and snowstorms likely caused sellers
to hit pause, even if only temporarily," said
realtor.com® Chief Economist Danielle Hale. "However, in today's
inventory-starved market, any setback is significant. Unless we see
some big improvements in the new listings trends over the coming
months buyers can expect stiff competition. And unlike last spring,
buyers may also face affordability challenges as home prices and
mortgage rates increase. Market dynamics continue to favor
sellers."
According to realtor.com® data, 14.8% of the year's
total new listings came to market in January and February in
2017-2019, and new listings in these months were an even bigger
share in 2020 as COVID scared off many would-be sellers later in
the year. Approximately 207,000 fewer homes were newly listed for
sale during the first two months of 2021, compared with the average
for those two months over the last four years. New listings would
need to increase by 25% year-over-year in March and April to bring
the year to date figure back to April 2020's levels.
Severe winter storms across the U.S. drive inventory down
further
The number of homes for sale in the U.S. in
February was down 48.6% year-over-year, a new low that translated
into 496,000 fewer homes for sale. New listings were down 24.5%
year-over-year, with the biggest drop -- 35.2% -- occurring in the
third week of February, the most extreme weather week of a very
cold and snowy month. New listings recovered to a smaller
decline of 26.9% year-over-year in February's final week as
conditions eased.
Housing inventory in the 50 largest U.S. metros declined by
47.4% over last year in February, an increase from January's 41.8%
decline. New listings in the 50 largest U.S. metros were down 23.5%
year-over-year. For some metros, the declines were far more
significant with new listings falling 47% in Oklahoma City, Okla., 45% in Kansas City, Mo.-Kan. and 40% in Milwaukee-Waukesha-West Allis,
Wis. Two of three metros with increases in new listings were
in California. New listings were
up 13.6% in San Jose, Calif.,
followed by San Francisco (1.1%),
and Denver (1.1%)
year-over-year.
Listing prices reach new high
In February, the median
national home listing price grew 13.7% over last year to
$353,000, surpassing last year's peak
price unseasonably early. The slowdown from last month's growth
rate of 15.4% was likely due to a change in the mix of homes for
sale.
Listing prices in the nation's 50 metros grew by an average of
11.5%, compared to last year. Regionally, the Northeast saw the
biggest jump in listing prices, increasing at an average rate of
16.8% over last year. Prices were up 11.7% in the West, 10.9% in
the Midwest and 9.5% in the South.
At the metro level, Austin,
Texas, (+37.2%), Rochester,
N.Y. (+27.6%) and Buffalo,
N.Y. (+25.0%) posted the highest year-over-year median
listing price growth in February. Miami (-2.7%), Denver (-1.7%), and Orlando, Fla. (-1.1%), were the only top 50
metros to see their median listing price decline year-over-year in
February.
Buyers need to act fast
The typical home spent 70
days on the market in February, 11 days less than last year. Time
on market was even faster in the 50 largest U.S. metros where the
typical home sold in 48 days, 12 days less than a year ago. Homes
saw the greatest decline in time spent on the market compared to
last year in Austin, Texas (-36
days), Charlotte, N.C. (-28 days)
and Portland, Ore. (-27 days).
Metros With the Largest Decline in Newly Listed Homes
Metro
|
New
Listing
Count
YoY
|
Active
Listing
Count
YoY
|
Median
Listing
Price
YoY
|
Median
Listing
Price
|
Median
Days
on
Market
Y-Y
|
Median
Days
on
Market
|
Oklahoma City,
Okla.
|
-46.6%
|
-56.7%
|
16.8%
|
$301,050
|
-8
|
45
|
Kansas City,
Mo.-Kan.
|
-45.3%
|
-57.0%
|
16.3%
|
$383,725
|
-21
|
74
|
Milwaukee-Waukesha-West Allis, Wis.
|
-39.8%
|
-51.9%
|
1.6%
|
$324,950
|
-6
|
51
|
Cincinnati,
Ohio-Ky.-Ind.
|
-38.6%
|
-51.5%
|
17.1%
|
$332,450
|
-4
|
62
|
Raleigh,
N.C.
|
-35.4%
|
-64.3%
|
11.5%
|
$407,000
|
-25
|
39
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-35.2%
|
-58.8%
|
10.5%
|
$409,900
|
-9
|
27
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-35.1%
|
-45.7%
|
11.0%
|
$354,950
|
-2
|
43
|
Dallas-Fort
Worth-Arlington, Texas
|
-34.6%
|
-64.2%
|
9.8%
|
$373,267
|
-20
|
37
|
Hartford-West
Hartford-East Hartford, Conn.
|
-34.3%
|
-42.7%
|
12.6%
|
$309,450
|
-22
|
52
|
Louisville/Jefferson
County, Ky.-Ind.
|
-32.9%
|
-55.8%
|
3.0%
|
$262,450
|
-21
|
43
|
Indianapolis-Carmel-Anderson, Ind.
|
-32.9%
|
-56.4%
|
3.2%
|
$283,607
|
-14
|
67
|
Detroit-Warren-Dearborn, Mich
|
-32.1%
|
-56.3%
|
20.1%
|
$275,000
|
-6
|
54
|
Pittsburgh,
Pa.
|
-31.2%
|
-52.3%
|
N/A
|
$249,950
|
-10
|
87
|
Jacksonville,
Fla.
|
-31.2%
|
-65.1%
|
6.4%
|
$340,445
|
-24
|
50
|
Cleveland-Elyria,
Ohio
|
-30.2%
|
-55.2%
|
10.8%
|
$209,950
|
-16
|
66
|
Rochester,
N.Y.
|
-29.9%
|
-47.5%
|
27.6%
|
$293,400
|
4
|
49
|
St. Louis,
Mo.-Ill.
|
-29.7%
|
-43.1%
|
18.9%
|
$261,400
|
-5
|
84
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-29.3%
|
-46.0%
|
11.8%
|
$329,900
|
-7
|
62
|
Providence-Warwick,
R.I.-Mass.
|
-28.9%
|
-57.9%
|
15.4%
|
$449,000
|
-22
|
44
|
Memphis,
Tenn.-Miss.-Ark.
|
-28.7%
|
-56.3%
|
1.3%
|
$240,000
|
-22
|
57
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-28.0%
|
-62.2%
|
9.0%
|
$305,000
|
-23
|
39
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-26.8%
|
-52.9%
|
1.6%
|
$319,900
|
-18
|
39
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-26.4%
|
-51.4%
|
25.0%
|
$249,900
|
-18
|
50
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-26.3%
|
-13.4%
|
12.6%
|
$629,500
|
N/A
|
105
|
Baltimore-Columbia-Towson, Md.
|
-25.1%
|
-58.8%
|
0.8%
|
$322,450
|
-22
|
45
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-24.3%
|
-58.2%
|
16.2%
|
$377,500
|
-19
|
37
|
Richmond,
Va.
|
-24.2%
|
-50.9%
|
19.3%
|
$389,968
|
-17
|
43
|
Orlando-Kissimmee-Sanford, Fla.
|
-23.2%
|
-42.5%
|
-1.1%
|
$321,500
|
-5
|
63
|
Columbus,
Ohio
|
-23.1%
|
-53.1%
|
8.4%
|
$324,950
|
-19
|
40
|
Austin-Round Rock,
Texas
|
-22.4%
|
-73.7%
|
37.2%
|
$494,000
|
-36
|
26
|
Houston-The
Woodlands-Sugar Land, Texas
|
-21.6%
|
-43.9%
|
11.3%
|
$340,624
|
-11
|
50
|
Riverside-San
Bernardino-Ontario, Calif.
|
-20.1%
|
-64.9%
|
18.9%
|
$498,000
|
-27
|
34
|
San Antonio-New
Braunfels, Texas
|
-19.7%
|
-59.5%
|
7.8%
|
$312,500
|
-25
|
47
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
-19.3%
|
-41.9%
|
0.7%
|
$377,450
|
-14
|
36
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-18.5%
|
-54.9%
|
10.9%
|
$386,450
|
-28
|
37
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-17.1%
|
-49.3%
|
8.7%
|
$527,250
|
-27
|
32
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-16.7%
|
-62.7%
|
17.4%
|
$469,500
|
-21
|
27
|
Seattle-Tacoma-Bellevue, Wash.
|
-16.5%
|
-40.8%
|
12.1%
|
$672,386
|
-13
|
26
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-16.0%
|
-32.9%
|
-2.5%
|
$399,450
|
3
|
91
|
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.
Va.
|
-15.1%
|
-35.9%
|
1.0%
|
$499,900
|
-3
|
36
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-14.9%
|
-53.6%
|
17.8%
|
$589,000
|
-20
|
21
|
San Diego-Carlsbad,
Calif.
|
-14.9%
|
-22.8%
|
17.2%
|
$877,495
|
N/A
|
76
|
Birmingham-Hoover,
Ala.
|
-13.7%
|
-44.3%
|
5.3%
|
$269,950
|
-18
|
53
|
New Orleans-Metairie,
La.
|
-13.5%
|
-42.2%
|
15.1%
|
$327,450
|
-17
|
63
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-12.7%
|
-32.8%
|
15.4%
|
$692,500
|
-18
|
38
|
Las
Vegas-Henderson-Paradise, Nev.
|
-9.0%
|
-30.4%
|
5.2%
|
$344,950
|
-2
|
45
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-0.5%
|
-18.6%
|
23.5%
|
$1,184,500
|
1
|
67
|
Denver-Aurora-Lakewood, Colo.
|
1.1%
|
-42.0%
|
-1.7%
|
$549,950
|
-15
|
23
|
San
Francisco-Oakland-Hayward, Calif.
|
1.1%
|
-4.3%
|
7.5%
|
$1,020,444
|
5
|
23
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
13.6%
|
10.4%
|
2.4%
|
$1,228,400
|
-5
|
17
|
*Some data for Pittsburgh,
New York, and San Diego has been excluded due to data
quality.
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SOURCE realtor.com