SANTA CLARA, Calif.,
April 29, 2021 /PRNewswire/ -- The
number of new sellers surged in April compared to last year when
most cities had shelter-in-place orders in effect. However, with
the number of new listings still nearly 26% below pre-pandemic
levels, buyers saw little relief as the median U.S. home listing
price soared 17.2% year-over-year to a new high of $375,000 and homes sold lightning fast in a
record low 43 days, according to the realtor.com®
Monthly Housing Trends Report
released today.
"After stay-at-home orders brought the housing market to a halt
last spring, especially for sellers who re-thought their plans,
2021 is shaping up to be more typical," said
realtor.com® Chief Economist Danielle Hale. "That lack of activity is causing
this year's more normal trends to look like a huge improvement, and
it is. However, when compared to pre-pandemic levels it is very
clear we are still not on par with the number of sellers we saw in
2017 through 2019, which is helping to drive one of the most
competitive seller's markets of all time. Home prices are
continuing to surge and sales are occurring nearly three weeks
faster than a normal spring home-buying season."
Hale said she expects more homeowners to put their homes on the
market in the coming months. However, with 554,000 fewer homes
available for sale on a typical day in April this year compared to
last year and buyer demand at all-time highs, home prices are
expected to continue to reach new highs before peaking in July or
August.
Nationally, new listings increased 32.6% in April compared to
last year, which provided some relief in the form of more choices
for weary home shoppers. At the same time, new listings still trail
pre-pandemic levels with 130,000 (25.5%) fewer homes listed this
April than the average rate in 2017 to 2019. As sales occurred at a
record pace, the number of active listings was down 53%
year-over-year, while total inventory, which includes pending
sales, was 21.9% lower.
The Northeast and Midwest -- regions that were first and
hardest-hit at the outset of the pandemic -- posted the largest
year-over-year growth in newly listed homes in April with
Pittsburgh, Detroit and Buffalo,
N.Y., showing the biggest gains. Southern markets, such as
Oklahoma City and Nashville, Tenn., both saw 30% newly listed
homes decline by 30% year-over-year.
Homes sales are occurring nearly three weeks faster than
2017-2019
Not surprisingly, homes across the U.S. are
selling more quickly than last year when most of the country was on
lockdown. The typical home in the U.S. spent an average 43 days on
the market this April, 20 days less than last year. Notably, it was
18 days less than the typical time on market in April 2017 to 2019 and faster than any time since
2012, underscoring the continuing record-setting demand for
housing.
Homes sold even faster in the 50 largest U.S. metros at 34 days
on average, down from 50 in April
2020. In Denver, homes sold
in an average of 15 days, while the median time on market in
Columbus, Ohio, was just 16 days
and 18 days in Austin, Texas. Five
of the top 50 largest markets are seeing homes sell in less than
three weeks on average. Of the nation's largest markets, only
New York saw time on market
increase, up 13 days.
Listing prices continue to rise
The median national
home price for active listings grew by 17.2% over last year to a
new all-time high of $375,000 in
April. In the 50 largest metros, the median home price was up 11.6%
compared to last year. This was slightly lower than the 12.1%
increase in March, potentially signaling slowing price growth in
the larger markets.
Austin (+40.6%), Los Angeles (+23.6%) and Riverside, Calif., (+22%) posted the highest
year-over-year median list price growth in April. Memphis, Tenn., (-4%), Milwaukee (-2.4%), and Louisville, Ky., (-0.9%) were the only top 50
metros to see their median listing price decline year-over-year
during the month.
April Housing Overview By Market
Metro
|
Median Listing
Price YoY
|
Median Listing
Price
|
Median Days on
Market YoY (Days)
|
Median Days on
Market
|
New Listing Count
YoY
|
Active Listing
Count YoY
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
20.7%
|
$392,000
|
-18
|
31
|
2.8%
|
-63.4%
|
Austin-Round Rock,
Texas
|
40.6%
|
$515,000
|
-25
|
18
|
19.1%
|
-72.7%
|
Baltimore-Columbia-Towson, Md.
|
2.4%
|
$336,000
|
-20
|
29
|
51.9%
|
-53.2%
|
Birmingham-Hoover,
Ala.
|
6.4%
|
$277,000
|
-20
|
41
|
15.2%
|
-51.4%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
13.3%
|
$699,000
|
-24
|
22
|
97.7%
|
-25.1%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
15.7%
|
$254,000
|
-33
|
31
|
178.0%
|
-41.3%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
18.6%
|
$403,000
|
-12
|
32
|
-14.4%
|
-66.9%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
9.6%
|
$356,000
|
-17
|
34
|
46.8%
|
-43.4%
|
Cincinnati,
Ohio-Ky.-Ind.
|
15.8%
|
$352,000
|
-10
|
38
|
-15.1%
|
-54.4%
|
Cleveland-Elyria,
Ohio
|
17.0%
|
$234,000
|
-17
|
43
|
13.3%
|
-54.5%
|
Columbus,
Ohio
|
1.7%
|
$315,000
|
-27
|
16
|
45.7%
|
-48.8%
|
Dallas-Fort
Worth-Arlington, Texas
|
12.0%
|
$380,000
|
-22
|
28
|
6.7%
|
-69.7%
|
Denver-Aurora-Lakewood, Colo.
|
5.1%
|
$575,000
|
-19
|
15
|
58.9%
|
-56.8%
|
Detroit-Warren-Dearborn, Mich
|
16.3%
|
$285,000
|
-32
|
28
|
178.8%
|
-53.5%
|
Hartford-West
Hartford-East Hartford, Conn.
|
8.8%
|
$310,000
|
-24
|
32
|
48.5%
|
-35.5%
|
Houston-The
Woodlands-Sugar Land, Texas
|
14.1%
|
$355,000
|
-15
|
40
|
10.0%
|
-54.9%
|
Indianapolis-Carmel-Anderson, Ind.
|
0.9%
|
$287,000
|
-13
|
39
|
19.2%
|
-59.5%
|
Jacksonville,
Fla.
|
11.9%
|
$349,000
|
-24
|
35
|
-10.9%
|
-72.6%
|
Kansas City,
Mo.-Kan.
|
8.1%
|
$368,000
|
-21
|
40
|
22.7%
|
-55.5%
|
Las
Vegas-Henderson-Paradise, Nev.
|
15.3%
|
$379,000
|
-14
|
29
|
10.6%
|
-51.1%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
23.6%
|
$1,114,000
|
-10
|
49
|
66.2%
|
-22.1%
|
Louisville/Jefferson
County, Ky.-Ind.
|
-0.9%
|
$272,000
|
-21
|
30
|
25.1%
|
-54.0%
|
Memphis,
Tenn.-Miss.-Ark.
|
-4.0%
|
$240,000
|
-17
|
40
|
11.3%
|
-58.0%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
4.8%
|
$418,000
|
-19
|
72
|
63.3%
|
-46.0%
|
Milwaukee-Waukesha-West Allis, Wis.
|
-2.4%
|
$332,000
|
-9
|
36
|
20.7%
|
-54.9%
|
Minneapolis-St.
Paul-
Bloomington,
Minn.-Wis.
|
0.2%
|
$366,000
|
-8
|
30
|
4.6%
|
-44.5%
|
Nashville-Davidson--
Murfreesboro--Franklin, Tenn.
|
11.2%
|
$417,000
|
-15
|
20
|
-30.0%
|
-70.6%
|
New Orleans-Metairie,
La.
|
19.2%
|
$345,000
|
-17
|
51
|
16.9%
|
-50.7%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
9.3%
|
$629,000
|
13
|
67
|
175.5%
|
-18.1%
|
Oklahoma City,
Okla.
|
19.7%
|
$313,000
|
-5
|
40
|
-30.1%
|
-67.1%
|
Orlando-Kissimmee-Sanford, Fla.
|
6.2%
|
$332,000
|
-15
|
43
|
9.2%
|
-61.7%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
13.3%
|
$340,000
|
-23
|
39
|
140.1%
|
-36.8%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
21.9%
|
$457,000
|
-15
|
24
|
-2.4%
|
-68.0%
|
Pittsburgh,
Pa.
|
N/A
|
$272,000
|
-40
|
44
|
229.3%
|
-49.9%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
12.9%
|
$540,000
|
-14
|
28
|
28.2%
|
-54.6%
|
Providence-Warwick,
R.I.-Mass.
|
5.3%
|
$420,000
|
-26
|
28
|
42.0%
|
-57.9%
|
Raleigh,
N.C.
|
12.6%
|
$412,000
|
-25
|
26
|
-6.9%
|
-72.6%
|
Richmond,
Va.
|
11.0%
|
$375,000
|
-9
|
38
|
14.3%
|
-55.5%
|
Riverside-San
Bernardino-
Ontario,
Calif.
|
22.0%
|
$512,000
|
-28
|
28
|
33.9%
|
-63.7%
|
Rochester,
N.Y.
|
5.8%
|
$264,000
|
-29
|
19
|
108.8%
|
-41.6%
|
Sacramento--Roseville--Arden-
Arcade,
Calif.
|
18.6%
|
$592,000
|
-17
|
21
|
29.8%
|
-54.4%
|
San Antonio-New
Braunfels, Texas
|
9.0%
|
$324,000
|
-21
|
37
|
-8.9%
|
-70.7%
|
San Diego-Carlsbad,
Calif.
|
17.3%
|
$852,000
|
N/A
|
48
|
34.2%
|
-31.5%
|
San
Francisco-Oakland-Hayward, Calif.
|
13.6%
|
$1,062,000
|
-13
|
27
|
106.9%
|
-6.2%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
3.3%
|
$1,238,000
|
-13
|
22
|
112.3%
|
-10.8%
|
Seattle-Tacoma-Bellevue, Wash.
|
13.2%
|
$679,000
|
-10
|
22
|
62.2%
|
-44.6%
|
St. Louis,
Mo.-Ill.
|
13.5%
|
$266,000
|
0
|
61
|
33.4%
|
-43.9%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
17.3%
|
$327,000
|
-23
|
32
|
3.2%
|
-72.5%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
1.4%
|
$323,000
|
-24
|
25
|
10.2%
|
-53.5%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
1.2%
|
$506,000
|
-7
|
29
|
60.6%
|
-33.0%
|
*Some data for Pittsburgh and
San Diego has been excluded due to
data quality.
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Janice
McDill, janice.mcdill@move.com
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SOURCE realtor.com