Realtor.com®'s January Trend Data Shows Ripe Conditions For Home Values Increasing in the New Year
Record-low inventories and steady list prices indicate the top markets for buyers and sellers in 2013
SAN JOSE, Calif., Feb. 14, 2013 /PRNewswire/ -- Realtor.com®, a leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), released its January data on the U.S. housing market today, offering valuable insight into the latest real estate trends. Realtor.com®'s January 2013 national housing data indicates that listing inventories decreased 16.47 percent year-over-year; median age of inventory was at 108 days, a 9.24 percent decrease year-over-year; and median list prices are slightly higher increasing .80 percent year-over year to $187,000.
The findings indicate opportunities in local markets for both buyers and sellers. With inventories at record lows and list prices increasing, Realtor.com®'s 2013 Best Sellers Markets are Sacramento, CA; San Jose, CA; San Francisco, CA; Phoenix, AZ; and Washington, DC. For consumers looking for a competitive edge heading into the busy spring buying season, Realtor.com®'s Top Buyers Markets are Asheville, NC; Peoria, IL; Charleston, WV; Philadelphia, PA; and Cleveland, OH.
"We connect consumers to the home of their dreams by delivering the most comprehensive selection and accurate housing data for homes currently on sale or for rent," said Steve Berkowitz, chief executive officer of Move, Inc. "If inventories remain low and list prices begin to rise over the next few months, as they did last year, conditions will be ripe for additional markets to appreciate in 2013."
In January, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. decreased by 16.47 percent from one year ago, dropping to its lowest point since January 2007, when Realtor.com® began collecting this data. The significant year-over-year decline in homes for sale shows that the real estate market has worked through much of its excess inventory and, if these conditions continue, sellers are more likely to receive their asking price. While the median list price is essentially the same as it was one year ago, the average amount of time a home spent on the market decreased 9.24 percent on a year-over-year basis.
- The national for-sale inventory for single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) (1,477,266) continued to decline in January, falling by 5.63 percent during the month and by 16.47 percent on an annual basis.
- The national median list price for SFH/CTHCOPS ($187,000) increased .80 percent in January and is now slightly higher than it was one year ago.
- The median age of inventory of for-sale listings was 108 days in January, down 2.70 percent from December and 9.24 percent below the median age one year ago (January 2012).
Regional January data suggests that at a local level, trends for both growth and decline observed in 2012 are continuing into 2013. States that were once at the center of the housing crisis, including Arizona, California and Washington, are continuing on upward trajectories. In several markets, particularly in California, home sellers are seeing a dramatic advantage when putting their homes on the market with some of the best prices in recent years. Alternatively, markets in the older industrialized parts of the Midwest and the East will likely continue to struggle without a significant turnaround in their local economies.
- Realtor.com®'s 2013 Best Sellers Markets are Sacramento, CA; San Jose, CA; San Francisco, CA; Phoenix, AZ; and Washington, DC.
- Realtor.com®'s Top Buyers Markets are Asheville, NC; Peoria, IL; Charleston, WV; Philadelphia, PA; and Cleveland, OH.
A number of factors will contribute to the continuation of a housing recovery this year, including the strength of the economy, the cost and availability of mortgage credit, consumer expectations regarding future housing prices and the success of efforts to reduce the number of foreclosures.
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 that updates every 15 minutes from more than 800 multiple listing services. For more information, please visit www.Realtor.com.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ: MOVE) is the leader in online real estate and operator of REALTOR.com®, the official website of the National Association of REALTORS®; Move.com, a leading destination for new homes and rental listings, moving, home and garden, and home finance; ListHub™, the leading syndicator of real estate listings; Moving.com™; SeniorHousingNet; SocialBios; TigerLead®; and TOP PRODUCER® Systems. Move, Inc. is based in San Jose, Calif.
REALTOR.com®, a leader in online real estate, is operated by Move, Inc., (NASDAQ: MOVE) and is the official Web site of the National Association of REALTORS®. As the #1 homes-for-sale site, Realtor.com® currently offers potential home buyers access to over four million property listings. It also provides REALTORS® and the home sellers they represent with the Internet's largest real estate marketplace. Agents and companies have the power to customize REALTOR.com® resources to maximize their brand and productivity.
SOURCE Move, Inc.
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