Editor’s note: This report is based on Realtor.com’s October 2012 Real Estate Trend Data Report. The report covers 146 U.S. metros, and includes single-family homes, condos, townhomes and co-ops.
For-sale inventory hovered near a five-year low, but median list prices slipped in October back to the same level as a year ago, Realtor.com reported today.
Inventory stood at 1.76 million units at the end of last month, down 17 percent from a year ago and 40 percent below a September 2007 peak of 3.1 million.
Despite the scarcity of listings, median list prices slipped 0.83 percent from September to October, to $189,900 on average — the third straight month-to-month decline.
Median age of inventory at 97 days was down 11.81 percent from a year ago, but demand still seemed to be slipping.
"The recent erosion in the median list price may foreshadow a dampening of recent increases in housing prices," Realtor.com noted.
Annual change in listings, inventory and median list price
| Data point | Percent changefrom year ago 2012 | October 2012 |
| Number of listings | -17.00% | 1.76 million |
| Median age of inventory (days) | -11.81% | 97 |
| Median list price | 0.00% | $189,900 |
Source: Realtor.com
Of the 146 metros Realtor.com tracks, 71 posted annual gains in list price, 31 remained steady, and 44 showed declines.
Source: Realtor.com
California was home to seven of the top 10 metros that saw the largest year-over-year list price increases in October, with Sacramento and Santa Barbara-Santa Maria-Lompoc topping the list.
Top 10 markets for annual list price increases, October 2012
|
Metro
|
Percent change |
|
Sacramento, Calif.
|
31.01% |
|
Santa Barbara-Santa Maria-Lompoc, Calif.
|
27.03% |
|
Phoenix-Mesa, Ariz.
|
25.57% |
|
San Jose, Calif.
|
20.49% |
|
Oakland, Calif.
|
17.49% |
|
San Francisco
|
17.37% |
|
Fresno, Calif.
|
14.64% |
|
Atlanta
|
13.14% |
|
Seattle-Bellevue-Everett, Wash.
|
12.50% |
|
Las Vegas
|
12.41% |
Source: Realtor.com
California metros top the list of year-over-year inventory reductions, as well, with eight making up the top 10. The Stockton-Lodi metro topping the list at a 64.95 percent reduction in for-sale inventory in October, followed by Sacramento (-63.06 percent), Oakland (-58.66 percent), San Jose (-43.93 percent) and Riverside-San Bernardino (-41.98 percent).
Top 10 metros for annual inventory decreases
|
Metro
|
Percent change |
|
Stockton-Lodi, Calif.
|
-64.95% |
|
Sacramento, Calif.
|
-63.06% |
|
Oakland, Calif.
|
-58.66% |
|
San Jose, Calif.
|
-43.93% |
|
Riverside-San Bernardino, Calif.
|
-41.98% |
|
Seattle-Bellevue-Everett, Wash.
|
-40.12% |
|
Fresno, Calif.
|
-40.07% |
|
Bakersfield, Calif.
|
-39.13% |
|
San Francisco
|
-38.00% |
|
Atlanta
|
-36.94% |
Source: Realtor.com
