Realtor.com May Real Estate Health Report Shows Regional Markets Leading Recovery as Supply Begins to Respond to Demand

Number of listings surge in key markets across the country, indicating some markets are finally beginning to react to consumer demand - a possible precursor to broader national recovery

PR Newswire

SAN JOSE, Calif., June 13, 2013 /PRNewswire/ -- Realtor.com, the leader in online real estate operated by Move, Inc. (MOVE), released its Real Estate Health Report for the month of May 2013 today. National housing indicators are being led by strong regional markets experiencing key growth, as seller supply begins to respond to consumer demand mirroring on a micro scale, indicating a slower but steady national trend towards sustainable market recovery.

As the spring homebuying season transitions into summer, some regions across the nation are seeing month-over-month inventories replenishing above usual seasonal patterns as sellers begin to respond to pent up demand. Many previously "hot" regional markets such as Sacramento and Stockton in California are in the process of balancing out, as surges in month-over-month listings begin to replenish depleted inventories. 

"We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what's slowly happening in the larger real estate market," said Steve Berkowitz, chief executive officer of Move. "Overall, we're seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time.  And this is happening in our hot markets on a much larger scale."

In the U.S., May 2013 inventories rose by 5.82 percent over April 2013 and median list prices were 2.10 percent higher than April prices.  Last year, realtor.com reported a 1.77 percent increase in inventory from April 2012 to May 2012 and a 0.48 percent increase in median list prices over April 2012. The May 2013 month-over-month increase in inventory signals the beginning of a less volatile market and a greater balance between supply and demand. In fact, this surge in inventory has spread to some East Coast markets including Daytona Beach, FL and Washington, D.C., whose inventories rose 21.97 percent and 12.64 percent respectively, month-over-month. 

National Data:

  • In May, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,852,740) increased by 5.82 percent month-over-month. On an annual basis, May 2013 inventory decreased by 10.11 percent; compared to a 14.10 percent year-over-year decrease in May 2012. 
  • The median list price ($199,000 for May 2013) rose by 2.10 percent over the month, and by 4.79 percent year-over-year. 
  • The median age of inventory of for sale listings (79) fell by approximately 13 percent in comparison to May of last year. 

Local Data:

  • May 2013 month-over-month inventories sprang up in some regions including: Stockton-Lodi, CA (37.06 percent increase); Sacramento, CA (35.18 percent increase); Daytona Beach, FL (21.97 percent increase); San Jose, CA (17.27 percent); Orange County, CA (16.50 percent); Anchorage, AK (16.06 percent); San Francisco, CA (14.87 percent); Oakland, CA (14.35 percent); Washington, DC-MD-VA-WV(VA) (12.64 percent) and Los Angeles-Long Beach, CA (11.29 percent). 
  • California markets continue to lead the list of the country's top performing housing markets in median list price increases, along with Phoenix, AZ; Detroit, MI; Reno, NV; Jacksonville, FL and Orlando, FL.      
  • The coastal areas of the Carolinas and Philadelphia, PA, continue to be on the list of the 10 areas with the longest time on market. However, Florida markets now account for half of these markets, with a median time on market that ranged from 105 to 119 days.

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.

Supporting Resources

ABOUT realtor.com®

Operated by Move, Inc., (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. (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.

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