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Housing Recovery Evolving

Housing market recovery

Housing Recovery Evolving

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have dominated the list of markets with the largest housing inventory declines in the first part of 2013, they have been replaced by a new set of market leaders including: Detroit, Mich.; Boston; Denver; Honolulu and Naples, Fla.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

“The housing 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.”

Housing Recovery Indicators 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%

Housing Recovery 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.

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.

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

July 2013 vs. July 2012

Riverside-San Bernardino

26.04%

Dayton-Springfield, Ohio

23.49%

Atlanta

17.85%

Sacramento

16.66%

Santa Fe

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.

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.

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.

About Author

Scott SchaeferBelieving a private real estate agency that would exclusively focus on Timber Pines, that would utilize advanced web technologies and innovative Internet marketing strategies, would significantly outperform all other competing real estate agencies, Scott Schaefer founded Real Estate Timber Pines in late 2013. He now directs innovations in technology, search engine optimization and Internet marketing for the Timber Pines real estate agency, producing a more vibrant real estate market, which he believes benefits those buying a home in Timber Pines and those selling homes in Timber Pines alike. Schaefer developed a great deal of the website design, web marketing and search engine optimization experience needed for the Timber Pines real estate firm while with web design firm Lexington Development. The real estate and real estate marketing expertise needed to make this real estate agency successful were developed by Schaefer while with Dallas home builder, Lexington Luxury Builders from 1996 to 2009. The blending of the two diverse skill sets of new technology and old fashioned real estate skills is making Real Estate Timber Pines the unquestioned market leader in Timber Pines real estate.View all posts by Scott Schaefer →

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