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.
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
| 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