January 2019 data: January housing data shows an increase in sellers’ price drops

  • The median listing price in the United States in January was $ 289,300, up 7% year on year
  • Nationally, homes sold in 87 days in January, two days faster than last year
  • National stocks increased 6 percent year-on-year, while stocks in major markets increased 12 percent

Only six months after the most competitive home buying season all time, January data shows that the US real estate market is getting off to a slower start in 2019. Although house prices are rising, 15% of listings in the US experienced price declines in January, and the decline in days on the market has slowed significantly since last year.

The US real estate market is getting off to a slower start this year in many markets, compared to the rapid acceleration we experienced last January. While the market is slowing, it’s important to remember that we are coming out of four straight years of declining inventory that have driven the market to record low availability of homes for sale. The real metric to watch is entry-level homes, which are the key to restoring balance to the current market. These houses are still in short supply.

Sellers are cutting prices, especially in sunny states

In January, the share of homes with reduced prices increased by 2% compared to the previous year. This increase is explained by the price reductions in the country’s largest markets. In fact, 39 of the 50 largest markets saw their share of price drops increase from last year. Las Vegas saw the biggest increase in price cuts in January, up 16%. It was followed by San Jose (+ 9%), Seattle (+ 8%), Orlando (+ 6%) and Phoenix (+ 5%).

Time to market increases in major US subways

Nationally, homes sold in 87 days in January, two days faster than last year. But thThe pace of this decline is slowing. In January 2018, homes sold a full week faster than the previous year. Across America’s 50 largest subways, the typical home spent on average one more day on the market in January 2019, compared to the previous year. San Jose, Calif., Seattle and San Francisco saw the largest increases in days on the market, with properties spending 27, 19 and 15 more days on the market, respectively. On the other hand, properties in Birmingham, Alabama, Milwaukee and Cleveland sold 14, 11 and 9 days faster than last year, respectively.

Rising Inventory In Expensive Markets Keeps Home Prices High

The median listing price in the United States rose 7 percent year-on-year to $ 289,300 in January, slightly lower than the 8 percent increase last year. This moderate deceleration in home prices is likely attributed to inventory growth in the upper end of the country’s more expensive markets. The number of homes priced at $ 750,000 and over increased 12% from a year ago, while the number of homes priced at $ 200,000 and under declined 6%.

Of the 50 largest metropolises, 32 saw their median listing prices increase year over year, but only 12 markets exceeded the 7% national increase. Rochester, NY (18% increase), Milwaukee (16% increase) and Seattle (12% increase) posted the strongest year-over-year median list price growth in January. The largest declines in median listing prices were felt in San Jose, California, where prices fell 9% to $ 100,000. Dallas, Texas; Austin, Houston and Nashville, Tenn., Followed with a drop of 4 percent in Dallas and Austin and 3 percent in Houston and Nashville.

Markets with the largest increases in inventories

Metro Median registration price Median listing price (year-on-year) Inventory (YOY) New Announcement Inventory (YOY) Share of price reductions (AA) Median days on the market (AA)
San José-Sunnyvale-Santa Clara, California $ 999,494 -9% 128% 29% 9% 27
Seattle-Tacoma-Bellevue, Washington $ 561,543 12% 91% 14% 8% 19
San Francisco-Oakland-Hayward, California $ 837,525 -1% 58% 16% 4% 15
San Diego-Carlsbad, California $ 650,050 -1% 46% 17% 3% 5
Los Angeles-Long Beach-Anaheim, California $ 699,950 -1% 36% 9% 5% ten
Nashville-Davidson – Murfreesboro – Franklin, Tennessee. $ 349,950 -3% 36% 29% 4% 5
Portland-Vancouver-Hillsboro, Oregon-Wash. $ 459,950 0% 34% 22% 3% 9
Sacramento – Roseville – Arden-Arcade, California $ 449,550 2% 28% -3% 0% ten
Boston-Cambridge-Newton, Mass.-NH $ 502,572 2% 27% 28% 3% -1
Dallas-Fort Worth-Arlington, Texas $ 330,045 -4% 25% 13% 4% 5
Atlanta-Sandy Springs-Roswell, Georgia. $ 309,900 3% 22% 27% 5% -2
Detroit-Warren-Dearborn, Michigan. $ 219,950 ten% 21% 18% 2% -3
Tampa-St. Petersburg-Clearwater, Florida $ 259,975 0% 21% 11% 3% 4
Riverside-San Bernardino-Ontario, California $ 389,500 3% 18% -2% 3% 8
Houston-The Woodlands-Sugar Land, Texas $ 308,050 -3% 18% 14% 2% 1
Jacksonville, Florida. $ 299,050 -3% 18% 23% 3% 4
Providence-Warwick, RI-Messe. $ 339,950 3% 16% 17% 2% -8
Orlando-Kissimmee-Sanford, Florida $ 299,050 0% 15% 11% 6% 1
Minneapolis-St. Paul-Bloomington, Minn.-Wis. $ 352,500 1% 14% ten% 4% -1
New York-Newark-Jersey City, NY-NJ-Pa. $ 515,050 9% 14% 17% 1% -2
Charlotte-Concord-Gastonia, North Carolina-SC $ 320,025 -2% 14% 24% 4% -7
Austin-Round Rock, Texas $ 346,934 -4% 12% 17% 0% 2
Raleigh, North Carolina $ 339,050 0% 12% 21% 4% 3
Miami-Fort Lauderdale-West Palm Beach, Florida $ 385,050 -1% 12% 4% 1% 5
Richmond, Virginia $ 300,025 3% 9% 9% 2% -5
San Antonio-New Braunfels, Texas $ 285,000 2% 9% 20% 3% -1
Louisville / Jefferson County, Ky.-Ind. $ 239,950 6% 9% 13% 1% -6
West Hartford East Hartford Hartford, Connecticut $ 259,950 0% 8% -1% -1% 7
Buffalo-Cheektowaga-Niagara Falls, NY $ 174,950 9% 7% 11% 3% -2
Las Vegas-Henderson-Paradise, Nevada $ 314,994 8% 7% 27% 16% 2
Columbus, Ohio $ 229,950 4% 6% 14% 2% 0
Kansas City, Missouri-Kan. $ 287,050 11% 6% 2% 3% 5
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. $ 279,950 3% 5% 4% 1% -2
Phoenix-Mesa-Scottsdale, Arizona. $ 335,050 2% 4% 2% 5% -2
Baltimore-Columbia-Towson, Maryland. $ 296,523 4% 4% 1% 2% -1
Cincinnati, Ohio-Ky.-Ind. $ 231,300 5% 2% 3% 1% -7
Virginia Beach-Norfolk-Newport News, Virginia-NC $ 280,025 4% 1% 14% 0% -8
Philadelphia-Camden-Wilmington, PA-NJ-Del.-Md. $ 249,995 9% 0% 7% 0% -5
New Orleans-Metairie, La. $ 270,275 0% 0% 18% 3% 2
Cleveland-Elyria, Ohio $ 170,000 6% -1% 5% 1% -9
Memphis, Tenn.-Mrs.-Ark. $ 204,838 9% -3% 18% 1% -6
Washington-Arlington-Alexandria, DC-Va.-Md.-WV $ 419,000 1% -4% -7% 1% 2
Pittsburgh, Pennsylvania. $ 169,950 0% -4% 9% 0% -5
Saint Louis, Missouri-Ill. $ 198,073 7% -5% -9% 0% 6
Milwaukee-Waukesha-West Allis, Wisconsin. $ 249,750 16% -6% 8% 0% -11
Rochester, New York $ 189,275 18% -6% 6% 0% 4
Indianapolis-Carmel-Anderson, Ind. $ 239,150 9% -7% 9% 5% 1
Birmingham-Hoover, Alabama. $ 219,845 11% -9% 16% 0% -14
Tucson, Arizona. $ 280,000 6% -9% -5% 3% -2
Oklahoma City, Oklahoma. $ 235,000 4% -11% -7% 0% -1

Subscribe to our mailing list to receive monthly updates and notifications on the latest data and research.


Sabrina speianu


Source link

Leave a Reply

Your email address will not be published.