Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Move, Inc.
Homes are spending less time on the market as prices and number of listings increase nationally
SAN JOSE, Calif., March 14, 2013 /PRNewswire/ -- Realtor.com, a leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), released its February data on the U.S. housing market today, offering valuable insight into the latest real estate trends. Realtor.com's February 2013 national housing data indicates that listing inventories increased 1.15 percent month-over-month; median age of inventory was at 98 days, a 9.26 percent decrease month-over-month; and median list prices were slightly higher month-over-month at $189,900. These numbers show that home buyers are getting an early start on the spring season despite the fact that inventories recently hit record lows.
"As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant national housing recovery well underway," said Steve Berkowitz, chief executive officer of Move, Inc. "Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions."
The median age of inventory was down by 9.26 percent month over month and total listings are up 1.15 percent month over month, suggesting that many reluctant home sellers are starting to take an early advantage of the recent improvements in housing prices. Annual inventory decreases of -15.97 percent are consistent with a gradual, yet persistent downward trend that has been occurring over the last two years. From January 2013 to February 2013, the median age of inventory decreased in 145 of the 146 markets tracked by realtor.com. The national median list price also reversed its downward trend, rising by 1.55 percent over the month of February and 1.01 percent on an annual basis. In addition, the number of markets experiencing a decline in home prices is shrinking, implying more good news for the housing market and U.S. economy at large.
There continue to be pronounced regional differences in the strength of the housing market. Several areas in California are experiencing the highest increases in list prices coupled with the largest inventory declines. Phoenix, Seattle and Denver are also among the top performers across the U.S. However, many smaller industrialized markets in the Midwest and the Northeast registered year-over-year price declines, as did Philadelphia, Chicago and New York City. While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.
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 that updates every 15 minutes from more than 800 multiple listing services. For more information on Move, Inc., please visit www.move.com or one of its many online real estate properties including realtor.com® at www.realtor.com.
Realtor.com, operated by Move, Inc. (NASDAQ: MOVE), is where home happens. As the official Web site of the National Association of REALTORS® and with direct connections with more than 800 Multiple Listing Services (MLSs), realtor.com® provides access to more than four million property listings. The site updates the majority of its listings every 15 minutes, not only with new listings, but also pending and recently sold listings. Additionally, it vets listings data and removes duplicate properties, to ensure that realtor.com®'s online real estate marketplace has the most comprehensive, accurate and up-to-date housing information available. Realtor.com® and its products empower real estate professionals to customize their profiles, listing details and design to maximize their brand and productivity, regardless of platform.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ:MOVE) is a leader in online real estate and operator of realtor.com®, the official Web site 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; TigerLead®; and TOP PRODUCER® Systems. Move, Inc. is based in San Jose, Calif.
©2012 PR Newswire. All Rights Reserved.