Realtor.com® Data Reveals 10 Metro Markets With Bright Q3 Sales Indicators

SAN JOSE, Calif., Aug. 6, 2014 /PRNewswire/ -- Across the country, home sellers are now enjoying the advantage of price increases, while buyers have more choices. Price appreciation and housing-inventory increases in 10 fast-turning markets signal strong home sales – contrary to moderate gains in the national housing market, according to the realtor.com® June National Housing Trend Report released today.

"National housing trends are masking some of the excitement we're seeing in individual markets," said Jonathan Smoke, chief economist for realtor.com®, the leader in providing consumers with the most accurate U.S. residential listings online*. "For the last two years, listing shortages constrained home sales and frustrated buyer demand. Our June data shows monthly inventory picking up in markets already experiencing price increases and fast property turnover. These dynamics will result in strong home sales and extend the buying season past the usual June/July peak to later in the third quarter."

Homes in the Charlotte, N.C. region are selling 14 days faster compared to a year ago – the most improved in median inventory age among these markets, according to realtor.com® June data. Meanwhile, Reno, NV has the biggest year-over-year home price increase at nearly 18.5 percent.

"The markets where we expect significant third quarter home sales are all very different – ranging from small to large, affordable to expensive, previously distressed to minimally affected by the downturn," Smoke said. "Diversification in the areas experiencing healthy real estate economies is a key indicator that the housing recovery has become more sustainable."

Realtor.com® June data shows the national housing market is continuing to grow stronger. Median list prices are up 7.6 percent in June over last year. Month-over-month price acceleration is slower compared to April, when the home-buying season traditionally starts. National housing inventory is now roughly in line with June 2013 levels when rising home prices first generated a surge in market supply. Additionally, homes in June sold 5 percent faster than last year.

Top Markets Set for Significant Growth in Home Sales

(Listed in alphabetical order)

MSA

Median Listing Price

% YY

% MM

Total Listings

% YY

% MM

Median Age of Inventory

% YY

% MM

Albany-Schenectady-Troy, NY

$226,025

0.50%

0.50%

6,145

1.10%

9.83%

80 days

-4.76%

-3.61%

Baton Rouge, LA

$188,000

4.50%

1.62%

3,630

1.79%

7.27%

74 days

-8.64%

-6.33%

Charlotte-Gastonia-Rock Hill, NC-SC (NC)

$209,000

7.18%

2.00%

12,906

-2.15%

3.53%

64 days

-17.95%

-7.25%

Columbia, SC

$162,500

2.20%

0.03%

5,190

-0.63%

2.98%

83 days

-8.79%

-13.54%

Des Moines, IA

$179,900

7.47%

0.50%

3,654

-4.09%

5.97%

59 days

-4.84%

-1.67%

Philadelphia, PA-NJ (NJ)

$187,000

1.14%

1.14%

12,233

-4.75%

3.59%

97 days

-9.35%

-1.02%

Portland-Vancouver, OR-WA (WA)

$299,000

11.15%

1.05%

2,207

-3.79%

15.55%

59 days

-16.90%

-4.84%

Reno, NV

$295,000

18.47%

1.76%

2,539

2.01%

6.82%

60 days

-1.64%

-1.64%

Spokane, WA

$198,000

7.06%

4.27%

3,986

8.20%

7.90%

61 days

-3.17%

-14.08%

Washington, DC-MD-VA-WV (VA)

$429,000

4.63%

0.00%

14,776

4.06%

6.34%

53 days

-8.62%

-7.02%

Each market listed demonstrates strong supply and demand dynamics including:

  • Inventory increases: For-sale inventory shortages have played a significant role in limiting home sales during the past two years. Each community listed is getting its supply in check with month-over-month inventory growth. Additionally, half of these markets also are increasing on a yearly basis.   
  • Median list price increases: Price increases encourage sellers to put homes on the market and indirectly keep inventory levels more sustainable. While each region listed had price increases on a monthly and yearly basis, they vary from hot markets with fast price acceleration, such as Reno, NV, to communities just beginning to see appreciation, such as Albany, N.Y
  • Median age of inventory decreases: Declining median age of inventory indicates listings growth has not satisfied demand. Properties in these areas are selling faster than last year, demonstrating continuing homebuyers' interest that will propel sales.  

National Key Market Indicators for June 2014


June 2014

Year-over-Year Percentage Change

Month-over-Month Percentage Change

Number of Listings

1,893,907

-0.92%

-8.65%

Median Age of Inventory

76 days

-5.00%

-2.56%

Median List Price

$215,000

7.55%

0.05%

For the full realtor.com® June National Housing Trend Report visit http://www.realtor.com/data-portal/realestatestatistics?source=web. All statistics published from this report or news release must be attributed to "realtor.com®."  Move, Inc. (NASDAQ: MOVE) operates realtor.com®

How Data Is Collected

Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory, and median list price across the U.S. and in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 MLSs. We regularly review and update historical data to provide the most accurate and comprehensive market information. As a result, some markets may be subject to periodic adjustments in data. For more information about Move visit www.move.com or one of its many online real estate properties including realtor.com®.

Supporting Resources

*"Most accurate" claim(s) pertain to the accuracy of home listings, are based on comparison with other national listing portals, and are based on the greater frequency of listings updating on realtor.com®.

About Move, Inc. and realtor.com®
Move, Inc. (NASDAQ: MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.

REALTOR® and REALTOR.COM® are trademarks of the National Association of REALTORS® and are used with its permission. Move, Move.com, Moving.com, Top Producer®, TigerLead®, ListHub™, Doorsteps® and SeniorHousingNet™ are trademarks of Move, Inc. These and all other trademarks used in this work are the property of their respective owners. 

Media Contact: Lexie Puckett, +1 805-557-3151, Lexie.Puckett@move.com

Forward-Looking Statements

This news release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different from those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

SOURCE realtor.com



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