July Data Shows the Healthiest End to Spring Home Buying Season in Three Years

PR Newswire

SAN JOSE, Calif., Aug. 20, 2014 /PRNewswire/ -- For the first time in three years, July data shows the price appreciation and inventory increases established during peak buying season (from April to July) continue their upward trend, untouched by external economic factors, according to the realtor.com® July National Housing Trend Report released today. Move, Inc. (MOVE) operates realtor.com®

"In July 2012 and 2013, we saw external economic factors overwhelm the healthy gains established in the housing market during the spring home buying season," said Jonathan Smoke, chief economist for realtor.com®, the leader in providing consumers with the most accurate U.S. residential listings online*.  "This year, we're ending the traditional season with high buyer and seller confidence demonstrated by price appreciation, increases in inventory and quick home sales."

July National Housing Indicators for 2012 - 2014

Year

Total Listings

Y/Y

M/M

Median List Price

Y/Y

M/M

Median Age of Inventory

Y/Y

M/M

Jul-14

1,979,475

2.3%

4.5%

$214,900

7.5%

-0.1%

82 days

-3.5%

7.9%

Jul-13

1,935,623

-6.4%

1.3%

$199,900

5.3%

0.0%

85 days

-16.7%

6.3%

Jul-12

2,067,430

-14.1%

-0.8%

$189,900

0.0%

0.0%

102 days

-1.0%

7.4%

Realtor.com® July 2014 national housing data reveals home owners are more optimistic about selling than in previous years. This month, the number of homes on the market increased 2.3 percent compared with last year and increased 4.5 percent over June. One factor fueling this uptick in inventory is a strong 7.5 percent increase in median list prices year-over-year. Despite higher prices and more homes on the market, buyers are snatching up properties faster than last year. Median age of inventory for July 2014 is 82 days, three days faster than 2013.  

"This is the first time, since the beginning of the recovery, that we expect to see positive momentum throughout the second half of the year," Smoke projected.  "While seasonal patterns are emerging in July month-to-month comparisons, all other metrics point to fundamental market health and a build-up of momentum."

While July growth may seem modest, it is in stark contrast to the housing indicators experienced over the last two years. In April 2013, mortgage interest rates began to increase significantly, making potential mortgage payments more expensive for home buyers. By July 2013, this slow but steady tightening of home buyer budgets dampened demand. As a result, month-over-month increases in inventory lessened and properties spent more time on market.

Additionally, in July 2012 concerns of broad debt defaults and economic weakness in Europe influenced big decreases in the stock market. Overall economic uncertainty contributed to weak consumer confidence, which influenced potential home buyers to remain on the sidelines while low prices made owners reluctant to list.  As a result, July 2012 median list prices remained flat both month-over-month and year-over-year. Inventory remained at very low levels and homes spent 102 days on the market.

How Data Is Collected

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. As a result, some markets may be subject to periodic adjustments in data. For more information about Move, visit www.move.com or one of its many online real estate properties including realtor.com®.

Supporting Resources

*"Most accurate" claim(s) pertain to the accuracy of home listings, are based on comparison with other national listing portals, and are based on the greater frequency of listings updating on realtor.com®.

About Move, Inc. and realtor.com®
Move, Inc. (MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.

REALTOR® and REALTOR.COM® are trademarks of the National Association of REALTORS® and are used with its permission. Move, Move.com, Moving.com, Top Producer®, TigerLead®, ListHub™, Doorsteps® and SeniorHousingNet™ are trademarks of Move, Inc. These and all other trademarks used in this work are the property of their respective owners. 

Media Contact: Lexie Puckett, +1 805-557-3151, Lexie.Puckett@move.com

Forward-Looking Statements
This news 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 from 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.

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