Realtor.com® National Housing Trend Report Shows Dramatic National Year-Over-Year Inventory Declines are Easing

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have dominated the list of markets with the largest housing inventory declines in the first part of 2013, they have been replaced by a new set of market leaders including: Detroit, Mich.; Boston; Denver; Honolulu and Naples, Fla.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."

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. 

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. 

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.

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.

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.

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

Forward-Looking Statements

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SOURCE realtor.com