In December the Number of Homes Actively for
Sale Grew 4.4% Year-Over-Year Indicating a More Active Market and
Higher Levels of Inventory for
Prospective Buyers
SANTA
CLARA, Calif., Jan. 9,
2024 /PRNewswire/ -- For the first time since
May 2023 home shoppers are seeing a
larger number of unsold homes on the market, according to the
Realtor.com® December Monthly Housing Trends Report,
released today. Looking ahead, as mortgage rates have been on a
downward trend since the beginning of November,
Realtor.com® anticipates a positive impact on
home-selling sentiment and the possibility that more new listings
will enter the market.
"Across the U.S. we're seeing improvements in inventory levels,
especially in the South, which experienced a 7.7% increase in
active listings year-over-year," said Danielle Hale, chief economist,
Realtor.com® "While the uptick in December inventory
levels is encouraging, it is important to note that two-thirds of
outstanding mortgages in the U.S. have a rate under 4% and more
than 90% have a rate less than 6%. We are optimistic that inventory
levels are moving in a positive direction, but the number of homes
on the market is still low relative to pre-pandemic levels. Some
sellers are clearly motivated already, but other households may
hold out for lower rates before selling or moving to new
homes."
On the Up and Up
Homebuyers typically avoid big moves during the December holiday
season unless they absolutely must sell or buy, leading to
generally different real estate activity than what is experienced
in the peak summer season. Though the market is still not where it
was pre-pandemic as active inventory sits 34.3% below typical 2017
to 2019 levels, in December 2023 home
sellers were active with 9.1% more newly listed homes compared to
last year. When looking at the month-over-month change
between November and December, a time when the decline in inventory
has historically hovered between 6.8% and 13.2%, this year there
was a more modest 5.5% decrease, indicating a much smaller than
typical drop for this time of year.
December 2023 Housing Metrics –
National
Metric
|
Change over Dec
2022
|
Change over Dec
2019
|
Median listing
price
|
+1.2% (to
$410,000)
|
+36.7 %
|
Active
listings
|
+4.9 %
|
-30.9 %
|
New listings
|
+9.1 %
|
-11.8 %
|
Median days on
market
|
-4 days (to 61
days)
|
-16 days
|
Share of active
listings with price reductions
|
-1.4 percentage
points
(to 12.7%)
|
+2.2 percentage
points
|
Southern Belles
When examining the 50 largest metros, 23 experienced increased
inventory levels year-over-year, with Memphis (+28.5%), New Orleans (25.5%) and San Antonio (20.9%) experiencing the most
growth among them. Though this growth is promising, the country is
still seeing lower inventory levels as a whole relative to
pre-pandemic times with the exception of San Antonio (+12.8%), Austin (+11.7%) and New Orleans (+11.6%), which saw higher levels
of inventory in December 2023
compared to typical 2017 to 2019 levels.
Prices Continue to Stabilize and Properties Move
Faster
The median price of homes for sale in December remained
relatively stable compared to the same time last year, growing by
1.2% with a few standout places experiencing a decrease including
the surprising Nor Cal suburb of
San Jose, which saw a decrease of
7.1% in median listing price year-over-year, as well as
San Antonio (-3.9%) and
Memphis (-2.5%).
When it comes to days on market, homes are moving quicker than
before. Generally, homes spent 61 days on the market, which is four
days shorter than December 2022 and
about two weeks shorter than before the COVID-19 pandemic.
Additional details and full analysis of the market inventory
levels, price fluctuations and stabilization as well as days on
market tallies can be found in the
Realtor.com® December Monthly Housing Report.
December 2023 Housing Overview
by Top 50 Largest Metros
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
Active Listing Count
YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market Y-Y (Days)
|
Price Reduced
Share
|
Price Reduced Share
Y-Y (Percentage Points)
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$415,000
|
3.8 %
|
4.2 %
|
-3.6 %
|
-5.0 %
|
53
|
-6
|
13.0 %
|
-3.9 pp
|
Austin-Round
Rock-Georgetown, Texas
|
$540,000
|
2.9 %
|
2.3 %
|
3.4 %
|
20.9 %
|
74
|
2
|
20.0 %
|
-5.6 pp
|
Baltimore-Columbia-Towson, Md.
|
$345,000
|
4.5 %
|
4.9 %
|
-4.8 %
|
-3.6 %
|
46
|
-5
|
13.0 %
|
0.6 pp
|
Birmingham-Hoover,
Ala.
|
$287,000
|
4.2 %
|
6.1 %
|
13.8 %
|
-11.1 %
|
60
|
-3
|
14.4 %
|
-0.1 pp
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$800,000
|
6.8 %
|
9.9 %
|
-7.8 %
|
9.9 %
|
53
|
-5
|
9.1 %
|
-2.1 pp
|
Buffalo-Cheektowaga,
N.Y.
|
$249,000
|
8.3 %
|
10.0 %
|
-2.5 %
|
8.8 %
|
59
|
-2
|
5.5 %
|
-1.6 pp
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$400,000
|
0.9 %
|
5.9 %
|
-7.6 %
|
-3.4 %
|
53
|
-4
|
12.9 %
|
-4 pp
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$350,000
|
8.4 %
|
6.0 %
|
-18.2 %
|
-7.3 %
|
51
|
-3
|
11.2 %
|
0 pp
|
Cincinnati,
Ohio-Ky.-Ind.
|
$335,000
|
3.1 %
|
6.0 %
|
17.5 %
|
10.3 %
|
44
|
-7
|
11.5 %
|
1.9 pp
|
Cleveland-Elyria,
Ohio
|
$220,000
|
15.8 %
|
9.3 %
|
-3.1 %
|
16.1 %
|
51
|
-5
|
13.4 %
|
-1.4 pp
|
Columbus,
Ohio
|
$360,000
|
9.1 %
|
6.2 %
|
8.6 %
|
-7.3 %
|
49
|
-1
|
18.0 %
|
1 pp
|
Dallas-Fort
Worth-Arlington, Texas
|
$435,000
|
-0.9 %
|
1.2 %
|
6.4 %
|
4.4 %
|
58
|
-1
|
17.4 %
|
-2.3 pp
|
Denver-Aurora-Lakewood,
Colo.
|
$610,000
|
1.7 %
|
6.3 %
|
7.1 %
|
3.1 %
|
61
|
2
|
12.6 %
|
-5.8 pp
|
Detroit-Warren-Dearborn, Mich.
|
$235,000
|
2.3 %
|
5.5 %
|
-15.2 %
|
-10.5 %
|
50
|
-2
|
12.3 %
|
-5.7 pp
|
Hartford-East
Hartford-Middletown, Conn.
|
$390,000
|
6.8 %
|
6.6 %
|
-14.7 %
|
11.5 %
|
45
|
-10
|
6.7 %
|
-0.8 pp
|
Houston-The
Woodlands-Sugar Land, Texas
|
$360,000
|
0.0 %
|
1.7 %
|
6.7 %
|
4.8 %
|
56
|
-3
|
13.2 %
|
-2.1 pp
|
Indianapolis-Carmel-Anderson, Ind.
|
$304,000
|
3.2 %
|
6.2 %
|
7.6 %
|
-7.3 %
|
57
|
4
|
19.3 %
|
0.4 pp
|
Jacksonville,
Fla.
|
$408,000
|
4.8 %
|
4.5 %
|
2.5 %
|
10.0 %
|
61
|
-3
|
14.8 %
|
-6.6 pp
|
Kansas City,
Mo.-Kan.
|
$400,000
|
-2.5 %
|
0.4 %
|
0.0 %
|
7.4 %
|
64
|
-7
|
9.9 %
|
-0.8 pp
|
Las
Vegas-Henderson-Paradise, Nev.
|
$460,000
|
3.8 %
|
3.3 %
|
-45.3 %
|
-11.3 %
|
54
|
-19
|
14.8 %
|
-5.9 pp
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,100,000
|
17.6 %
|
10.5 %
|
-18.2 %
|
14.6 %
|
54
|
-7
|
7.5 %
|
-3.6 pp
|
Louisville/Jefferson
County, Ky.-Ind.
|
$300,000
|
1.7 %
|
4.8 %
|
4.2 %
|
8.4 %
|
50
|
-2
|
16.3 %
|
-0.9 pp
|
Memphis,
Tenn.-Miss.-Ark.
|
$318,000
|
-2.2 %
|
3.6 %
|
28.5 %
|
35.7 %
|
63
|
2
|
17.9 %
|
-0.2 pp
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$580,000
|
-2.5 %
|
2.8 %
|
19.0 %
|
13.5 %
|
61
|
-5
|
13.9 %
|
0.1 pp
|
Milwaukee-Waukesha,
Wis.
|
$335,000
|
-0.9 %
|
3.4 %
|
0.3 %
|
-5.2 %
|
44
|
-2
|
14.2 %
|
2.9 pp
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$420,000
|
5.1 %
|
1.8 %
|
2.6 %
|
2.0 %
|
55
|
-3
|
10.4 %
|
-1.1 pp
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$555,000
|
7.8 %
|
5.9 %
|
4.2 %
|
0.2 %
|
44
|
-4
|
14.9 %
|
-3.4 pp
|
New Orleans-Metairie,
La.
|
$325,000
|
1.9 %
|
0.6 %
|
25.5 %
|
19.2 %
|
78
|
3
|
11.3 %
|
0 pp
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$748,000
|
11.6 %
|
16.5 %
|
-14.2 %
|
3.4 %
|
71
|
-4
|
5.8 %
|
-1.1 pp
|
Oklahoma City,
Okla.
|
$320,000
|
-1.5 %
|
0.1 %
|
15.1 %
|
27.3 %
|
58
|
-2
|
17.4 %
|
-1.9 pp
|
Orlando-Kissimmee-Sanford, Fla.
|
$439,000
|
2.1 %
|
3.5 %
|
16.7 %
|
19.7 %
|
58
|
-9
|
16.1 %
|
-2.3 pp
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$340,000
|
4.6 %
|
6.3 %
|
-7.6 %
|
1.6 %
|
56
|
-5
|
12.0 %
|
0 pp
|
Phoenix-Mesa-Chandler,
Ariz.
|
$527,000
|
10.9 %
|
2.9 %
|
-23.2 %
|
-14.0 %
|
53
|
-16
|
20.9 %
|
-5.5 pp
|
Pittsburgh,
Pa.
|
$230,000
|
15.0 %
|
8.8 %
|
-1.0 %
|
6.5 %
|
66
|
-6
|
12.9 %
|
1.3 pp
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$600,000
|
1.7 %
|
2.6 %
|
7.5 %
|
15.1 %
|
66
|
1
|
12.1 %
|
-1.2 pp
|
Providence-Warwick,
R.I.-Mass.
|
$500,000
|
5.2 %
|
0.9 %
|
-3.8 %
|
-5.3 %
|
45
|
0
|
8.3 %
|
-1.7 pp
|
Raleigh-Cary,
N.C.
|
$448,000
|
-0.1 %
|
4.4 %
|
-17.7 %
|
-5.7 %
|
63
|
-5
|
10.2 %
|
-6.8 pp
|
Richmond,
Va.
|
$430,000
|
13.7 %
|
8.0 %
|
4.6 %
|
-3.8 %
|
54
|
1
|
9.0 %
|
-3.4 pp
|
Riverside-San
Bernardino-Ontario, Calif.
|
$579,000
|
2.5 %
|
6.2 %
|
-17.0 %
|
13.8 %
|
59
|
-7
|
10.8 %
|
-4.1 pp
|
Rochester,
N.Y.
|
$250,000
|
8.7 %
|
8.1 %
|
-4.9 %
|
7.5 %
|
35
|
-3
|
8.9 %
|
-0.3 pp
|
Sacramento-Roseville-Folsom, Calif.
|
$625,000
|
6.4 %
|
4.6 %
|
-19.5 %
|
1.0 %
|
52
|
-11
|
10.9 %
|
-4.2 pp
|
San Antonio-New
Braunfels, Texas
|
$336,000
|
-3.9 %
|
-0.6 %
|
20.9 %
|
15.3 %
|
68
|
1
|
18.9 %
|
-1.9 pp
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$980,000
|
9.0 %
|
14.3 %
|
-17.1 %
|
10.3 %
|
44
|
-10
|
10.7 %
|
-2.8 pp
|
San
Francisco-Oakland-Berkeley, Calif.
|
$998,000
|
0.5 %
|
0.5 %
|
-15.3 %
|
5.2 %
|
58
|
-3
|
7.4 %
|
-2.5 pp
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,299,000
|
-7.1 %
|
-0.4 %
|
-12.9 %
|
18.7 %
|
43
|
-10
|
6.1 %
|
-6.7 pp
|
Seattle-Tacoma-Bellevue, Wash.*
|
$749,000
|
3.3 %
|
5.0 %
|
-8.4 %
|
27.3 %
|
57
|
-2
|
9.3 %
|
-6.3 pp
|
St. Louis,
Mo.-Ill.
|
$275,000
|
2.2 %
|
3.6 %
|
10.1 %
|
24.1 %
|
53
|
0
|
11.4 %
|
-0.8 pp
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$420,000
|
2.7 %
|
5.4 %
|
13.5 %
|
6.7 %
|
57
|
-1
|
19.7 %
|
-3.3 pp
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$379,000
|
5.3 %
|
7.0 %
|
3.7 %
|
-15.5 %
|
45
|
-4
|
16.1 %
|
1.7 pp
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$590,000
|
4.4 %
|
6.2 %
|
-15.0 %
|
13.8 %
|
50
|
-4
|
9.8 %
|
-1.6 pp
|
Methodology
Realtor.com® housing data as of December 2023. Listings include the active
inventory of existing single-family homes and
condos/townhomes/rowhomes/co-ops for the given level of geography
on Realtor.com®; new construction is excluded unless
listed via an MLS that provides listing data to
Realtor.com®. Realtor.com® data history goes
back to July 2016. 50 largest U.S.
metropolitan areas as defined by the Office of Management and
Budget (OMB). With the publication of the December 2023 data, metro-level data has been
updated to reflect the latest OMB metro area definitions, published
July 2023, and historical data has
been revised to be consistent with the new geographies.
About Realtor.com®
Realtor.com® is an open real estate marketplace built
for everyone. Realtor.com® pioneered the world of
digital real estate more than 25 years ago. Today, through its
website and mobile apps, Realtor.com® is a trusted guide
for consumers, empowering more people to find their way home by
breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted partner for
business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information,
visit Realtor.com®.
Media Contact
press@move.com
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