December 23 2013
SAN JOSE, Calif., Dec. 23, 2013 -- Realtor.com®, the leader in online real estate operated by Move, Inc., 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.
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 With a few exceptions, California markets have largely been replaced by a few housing markets in Florida, as well as other markets that have recently drawn wide attention such as Boulder, Colo.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.
10 Metropolitan Statistical Areas (MSAs) with the Greatest Year over Year Inventory Reductions
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®.
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.