Realtor.com® Report: 2014 Real estate property Starts Strong

The polar vortex is proving to get no sweat for home buyers, good latest National Housing Trend Report from realtor.com®.

Despite severe the winter season conditions across the country, the 2014 home buying season got on a good start having a year-over-year improvement in inventory and sustained increase in home prices.

The median list price for January rose 8.3 % when compared to same time this past year, in line with the realtor.com® data. The quantity of properties purchasable was up 3.1 percent. Plus the median era of inventory was essentially unchanged, indicating a transition to some “less frenzied market” in comparison to January 2013.

The solid start “is usually an encouraging sign of sellers’ interest, particularly given the adverse conditions a result of the polar vortex,” said Errol Samuelson, president of realtor.com®. “We got the tight-supply market of last fall carry entirely into November — later than is usually expected — and this also early improvement in inventory can be a welcome trend.”

Looking ahead, the nation's median existing home cost is projected to increase about 5 percent to percent in 2014, according to the Nar®, which cites job growth and large, pent-up demand as drivers of the market in light of rising mortgage rates.

The California, Detroit and Nevada markets keep top the list of areas while using the largest year-over-year increases in median list prices, boasting increases of 20 % or higher.

Even so the polar vortex took a toll in most areas of the nation. Strong markets hit hard by the winter season — such as Boston, Chicago and Detroit — saw nearly ten percent month-over-month declines in inventory. Once the winter season subsides, however, these markets may feel a powerful recovery, realtor.com® analysts said.

National Perspective

Inventory increasing: On the national level, for-sale inventories are 3.1 percent over these folks were this past year, plus the surge in inventory is spreading to more markets around the world. In January 2013, just eight markets outside the 146 registered increases in inventory. This January, 83 on the 143 markets tracked by realtor.com (58 percent) showed increases in inventory, year over year. While next several months will be critical to look at, these trends suggest a more balanced housing industry visiting the 2014 home buying season.

Price increases more widespread: Median list price rose a wholesome 8.3 percent in January 2014 in comparison to the same time this past year. In January 2014, 44 markets saw year-over-year list price increases of ten percent or more, as compared to January 2013, when 24 markets registered double-digit increases in median list price. The number of declining markets when it comes to median list price dropped from 58 in January 2013 to only 13 in January 2014.

Days on market stabilizing: Median day of inventory remained steady in January 2014 in comparison to the same time last year, at 115 days. However, the volume of markets showing year-over-year declines in inventory has dropped significantly, from 133 markets in January 2013 to 78 markets in January 2014. Meanwhile, 56 markets showed year-over-year increases in inventory in January 2014, in comparison to just nine markets in January 2013.

Local Market Highlights

California, Detroit and Nevada markets carry on and dominate their email list of areas exceptional largest year-over-year increases in median list prices, with increases of 20 % or higher.

Moving into the spring months, you have to wait for markets which has a possible resurgence, including Denver, Boulder, Chicago and Corpus Christi, TX, where depressed inventories are actually along with large year-over-year gains in median list prices. Sustained low inventories of these markets could to lead to demand-driven housing price increases that characterized California and most on the sand states in 2013.

Strong markets particularly worth noting as those worst hit by climate-driven troubles include Boston using a 10.9 percent month-over-month inventory decline, Chicago with a 6.1 percent inventory drop, Denver having a striking 13.5 percent inventory decline, Detroit which has a 6.8 percent reduction, Big apple using a 9.5 percent decline, and Philadelphia having an 8.2 percent decline. These markets may feel notable inventory recovery after prohibitive climate subside.

Realtor.com® regularly tracks real estate property data and develops monthly reports featuring the volume of listings, median age of inventory and median list price through the U.S. as well as in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled completely from the realtor.com® database, where 90 percent of listings are updated every a quarter-hour from over 800 MLSs. We regularly review rrmprove historical data as a way to supply the most accurate and comprehensive market information available. For additional info on Move, go to www.move.com a treadmill of its many online real-estate properties including realtor.com®.