8-13-13 9:00 AM EDT | Email Article

California passes the torch to Detroit, Boston, Denver as large scale year-over-year inventory decreases

SAN JOSE, Calif., Aug. 13, 2013 /PRNewswire/ -- Realtor.com®, the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released the realtor.com® National Housing Trend Report for the month of July 2013. July's real estate market data shows the nation experienced a 5.24 percent decline in housing inventory, which is the second month in a row with year-over-year inventory declines in the single digits. National median list prices increased 5.27 percent year-over-year while median age of inventory is down 16.67 percent. 

While California markets have dominated the list of markets with the largest housing inventory declines in the first part of 2013, they have been replaced by a new set of market leaders including: Detroit, Mich.; Boston; Denver; Honolulu and Naples, Fla. The large decreases in the for-sale inventory in these markets suggests the beginning of a housing market recovery process similar to what was observed in Florida in 2011, and in California in 2012 and 2013.

"The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets. Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers' choices and helping to moderate price increases," said Steve Berkowitz, CEO of Move, Inc. "This month's report also underscores the uneven nature of the housing recovery and its dependence on the strength of the local economy."

Realtor.com®'s Key National Market Indicators for July 2013



July 2013

Year-over-Year %

Change

Month-over-Month %

Change

Number of Listings

1,959,030

-5.24%

1.41%

Median Age of Inventory

85 days

-16.67%

6.25%

Median List Price

$199,900

5.27%

0.00%

National Highlights:

  • Dramatic national year-over-year inventory declines have evaporated. Nationally inventories in July are only 5.24 percent below the level of a year ago compared to being down 16.47 percent year-over-year in January. 
  • Inventory declines decrease in local markets.  In July 2013, the number of markets with decreases in year-over-year inventory declined from 125 markets in June to 118 markets in July.  This suggests that this fall inventories in some markets may return to levels of a year ago and may continue to slow price increases in some markets.
  • Markets are still moving fast. All but five markets are continuing to experience year-over-year declines in age of inventory and on a month-over-month basis. On a national level, housing inventory is approximately 17 percent below last year, but the national age of inventory increased 6.25 percent month-over-month.
  • Price declines decrease in local markets.  Median listing prices are now negative year-over-year in only 31 markets, which is down from 36 in June.

Market Highlights:

Below are the five MSAs with the largest year-over-year declines in their for-sale inventories in July 2013. California markets have dominated the list over the past year and have now been replaced with a very diverse set of new markets. 

For-Sale Inventory: July 2013

Top 5 MSAs with the Greatest Year-Over-Year Inventory Reductions


July 2013 vs. July 2012

Detroit, Mich.

-30.21%

Boston-Wrcstr-Lwrnce-Lowll-Brcktn, Mass.-N.H.(Mass.)

-28.91%

Denver

-25.10%

Honolulu

-23.78%

Naples, Fla.

-23.05%

A growing number of markets are experiencing year-over-year increases in for-sale inventories. For example, for-sale inventory was up by one or more percent on a year-over-year basis in 25 markets in July compared to just seven markets in April. 

For-Sale Inventory: July 2013

Top 5 MSAs with Greatest Year-Over-Year Inventory Increases


July 2013 vs. July 2012

Riverside-San Bernardino, Calif.

26.04%

Dayton-Springfield, Ohio

23.49%

Atlanta

17.85%

Sacramento, Calif.

16.66%

Santa Fe, N.M.

14.02%

Areas with inventories having the longest time on market are shown below. While the Carolinas and Philadelphia have been on the list for the past several years, Florida markets are relatively recent entrants.

Median Age of Inventory

Top 5 MSAs with the Longest Median Days on Market


July 2013 vs. July 2012

South-SC-RSA

160

Myrtle Beach, S.C.

128

Wilmington, N.C.

125

Central-FL-RSA

125

Reading, Pa.

122

The 10 areas with the shortest time on market are shown below.  The number of California markets on the list has declined steadily in the past few months, although Oakland, Calif., continues to have the inventory with the lowest median age.

Median Age of Inventory

Top 5 MSAs with the Shortest Median Days on Market


July 2013 vs. July 2012

Oakland, Calif.

20

Denver

31

Seattle-Bellevue-Everett, Wash.

36

San Jose, Calif.

37

Detroit, Mich.

41

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

Supporting Resources

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®; and TOP PRODUCER® Systems.  Move, Inc. is based in San Jose, California.

Forward-Looking Statements

This press 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 than 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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