Inventory of homes for sale on realtor.com surges 14.2 percent from a year ago

Median listing prices up 6.5 percent as price appreciation cools

The number of homes for sale on realtor.com in April was up 14.2 percent from the same time last year, suggesting that sellers “are much more optimistic,” according to a report issued by realtor.com today.

At 1.99 million, the number of listings was also up 8.6 percent from March to April, without any adjustment for seasonal factors. The median age of inventory was up 6.2 percent from a year ago, to 86 days.

Sea of homes image via Shutterstock.
Sea of homes image via Shutterstock.

As supply has increased in recent months, the pace of price gains has cooled compared to last year, when dramatic inventory shortages fueled rapid appreciation. Median listing prices were up 6.5 percent from a year ago in April, to $207,500, an increase of 3.8 percent from March.

The combination of median list price breaking through the $200,000 level and a double-digit home inventory increase “is an indication that the marketplace is becoming more balanced,” realtor.com said in announcing the release of the April numbers.

Inventories were up in seven of the 10 top realtor.com markets by listing count, with Riverside-San Bernardino, California (up 62 percent) and Phoenix-Mesa, Arizona (up 57.6 percent) leading the charge. Among the three markets that saw realtor.com inventory shrink in the last year, only Houston (down 12.4 percent) saw a double-digit decline.  Listing counts were down 3.3 percent in Philadelphia and 2.3 percent in Chicago.

Change in listing count, top 10 realtor.com markets, April 2014

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Market Change from year ago
Number of listings
Chicago -2.3% 54,751
Atlanta 10.5% 41,396
Philadelphia, Pa.-N.J. -3.3% 26,686
Phoenix-Mesa, Ariz. 57.6% 25,550
Riverside-San Bernardino, Calif. 62.0% 24,256
Tampa-St. Petersburg-Clearwater, Fla. 46.9% 23,519
Los Angeles-Long Beach, Calif. 38.2% 22,562
Detroit 39.6% 21,228
New York, N.Y. 7.4% 20,639
Houston -12.4% 20,619

Source: realtor.com

Although most of the top 10 markets for inventory gains were in two states — California and Florida — the Buffalo-Niagara Falls, New York market saw the biggest change in the number of listings from a year ago (78.9 percent). The Minneapolis-St. Paul market was another top-performing region outside of the Sunbelt.

Top 10 markets with greatest annual increase in realtor.com inventory, April 2014

Market Change from year ago Number of listings
Buffalo-Niagara Falls, N.Y. 78.9% 6197
Orlando, Fla. 78.2% 15,837
Orange County, Calif. 70.3% 10,915
Bakersfield, Calif. 66.5% 3,009
Chattanooga, Tenn.-Ga. 66.4% 4,544
Melbourne-Titusville-Palm Bay, Fla. 62.5% 9,243
Riverside-San Bernardino, Calif. 62.0% 24,256
Minneapolis-St. Paul, Minn.-Wis. 61.3% 19,397
Fresno, Calif. 60.7% 3,178
Charleston-North Charleston, S.C. 57.7% 11,610

Source: realtor.com

Seven of the 10 markets that saw the greatest decline in realtor.com listings registered double-digit declines: Denver; Houston; Asheville, North Carolina; Wichita, Kansas; Columbus, Ohio; San Francisco; and Grand Rapids-Muskegon-Holland, Michigan.

Top 10 markets with the greatest annual decrease in realtor.com inventory, April 2014

Market Change from year ago
Number of listings
Denver -12.7% 6,088
Houston -12.4% 20,619
Asheville, N.C. -11.6% 2,354
Wichita, Kan. -10.8% 2,823
Columbus, Ohio -10.3% 9,745
San Francisco -10.3% 2,317
Grand Rapids-Muskegon-Holland, Mich. -10.1% 4,656
Oklahoma City, Okla. -8.2% 6,125
Austin-San Marcos, Texas -7.9% 7,851
Akron, Ohio -7.5% 3,649

Source: realtor.com


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