Realtor.com® November Housing Data Highlights Hearty Winter Home Buying Season

SAN JOSE, Calif., Dec. 23, 2013 /PRNewswire/ -- Realtor.com®, the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released its National Housing Trend Report for November 2013. November figures indicate continued improvement from this time last year, in spite of the first signs of seasonal influences.  

Data from realtor.com® reveal that November 2013 median list prices remained unusually strong for the season, showing a healthy 6.9 percent increase year over year while declining 0.7 percent month over month. National inventory appears to be stabilizing from dramatic drops in the beginning of the year, although the country is still experiencing significant supply shortages. Housing inventory increased 0.2 percent above year-ago levels – the first year-on-year increase in 2013 – while declining slightly from the previous month, a sign of seasonal influences.  Median age of inventory is down 10.6 percent compared with year-ago levels, showing significantly stronger activity compared to the same time last year.  Month over month, median age of inventory did show some seasonal change with an increase of 7.5 percent. 

"The housing market in November continues to demonstrate encouraging signs of sustainability for the escalating gains this year in price," said Errol Samuelson, president of realtor.com®. "With demand in a much stronger position compared to last year, we anticipate these gains to remain steady into 2014, but with increases expected at a more moderate pace than we have seen in 2013."

The National Association of Realtors® (NAR) also recently predicted a flattening trend for 2014, noting that low housing inventory is holding back sales while pushing prices higher in much of the country. NAR recently reported that existing-home sales declined for the third consecutive month in November.

Key Market Indicators for November 2013

National Perspective:

• Inventories in November are just slightly higher (0.2 percent) than they were one year ago – a dramatic turnaround compared to the substantial year-over-year declines noted at the beginning of this year.

• Median age of inventory is still down 10.6 percent year-over-year in spite of its seasonal monthly rise from 94 to 101 days. This suggests that properties continue to turn over relatively quickly regardless of the winter season, and despite increasing home prices and stabilizing inventory.

• Median list prices are 6.9 percent higher than where they were one year ago. On a month-over-month basis, prices fell slightly in November but have remained resilient against the usual seasonal patterns and stabilizing inventory.

Local Market Highlights:

• List prices still on the rise. The majority of housing markets are registering positive signs, with 111 of the 146 markets covered by realtor.com® showing year-over-year increases in their median list price of 1 percent or more, and only 10 markets registering declines of 1 percent or more.  California and Nevada markets continue to lead the country in terms of year-over-year-list price increases, followed by Arizona, Florida, and other areas that were once the epicenters of the housing crisis.  The Detroit metro market also has shown solid gains.

• Inventory shortages have moderately eased. In many of these housing markets, rising list prices were primarily driven by a shortage in for-sale inventories. While still significant, these shortages are abating as sellers have attempted to take advantage this year of improving housing conditions. While inventories continue to be down on a year-over-year basis in the majority (86) of housing markets, the shortfalls are gradually declining.

The 10 Metropolitan Statistical Areas (MSAs) with the largest year-over-year declines in their for-sale inventories in November 2013 are listed below. While California housing markets dominated the list earlier in the year, this is no longer the case. With a few exceptions, California markets have largely been replaced by a few housing markets in Florida, as well as other markets that have recently drawn wide attention such as Boulder, Colo. and Detroit.   

Inventory Reductions

10 Metropolitan Statistical Areas (MSAs) with the Greatest Year over Year Inventory Reductions

• Age of inventory data tracks with recent hot and cold markets. Those markets with the shortest average days on market are similar to those of recent months – such as Oakland, Calif., San Jose, Calif., Phoenix, Detroit, and Honolulu. This demonstrates a continued steady rate of speed in those markets that have recently seen rapid movement.  The areas with the longest days on market – Santa Fe, N.M. (144), Wilmington, N.C. (137), Philadelphia (131) and Reading, PA (123) – highlight the continued weakness in some resort markets and older, industrialized communities.

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 available. For more information on Move, please visit www.move.com or one of its many online real estate properties including realtor.com®.

Supporting Resources

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ABOUT realtor.com^®

Operated by Move, Inc., (NASDAQ: MOVE), realtor.com^® helps connect people with the content, tools and expertise they need to find their perfect home. As the official website of the National Association of REALTORS^®, realtor.com^® empowers consumers to make the smartest decisions when it comes to finding a home by leveraging direct connections with more than 800 MLSs to deliver the most accurate and up-to-date listing information in neighborhoods across the country, and by making timely and meaningful connections between consumers and REALTORS^®. Whether through desktop, mobile, or tablet versions, realtor.com^® is where home happens.

ABOUT MOVE, INC.

Move, Inc. (NASDAQ: MOVE), the leader in online real estate, operates:  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; Doorsteps®; TigerLead® Top Producer® Systems and FiveStreet.  Move, Inc. is based in San Jose, California.

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SOURCE realtor.com