Realtor.com® Shows Widespread Price Increases in May Indicating Broad Housing Recovery - CBS 3 Springfield - WSHM

Realtor.com® Shows Widespread Price Increases in May Indicating Broad Housing Recovery

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SOURCE realtor.com

SAN JOSE, Calif., July 3, 2014 /PRNewswire/ -- Nationally, home prices continue to climb – indicating a more comprehensive, generalized real estate recovery than a year ago, according to the May 2014 National Housing Trend Report released today by realtor.com®, the leader in providing consumers the most accurate U.S. residential listings online.* Move, Inc. (NASDAQ: MOVE) operates realtor.com®.

May's housing report shows all but eight of 146 markets reporting year-over-year price increases. This May's housing market stands in significant contrast to last year in which price increases were less generalized and more concentrated in specific metropolitan areas. This broad increase in price suggests a more evenly distributed recovery and a healthier national housing market. 

The median listing price of homes in May 2014 rose 8 percent over last year to $214,900, according to realtor.com®. Median age of inventory is 78 days – the same as it was during the localized inventory shortages experienced last year. May home inventories are down 5.8 percent compared with a year ago.

An important metric – median age of housing inventory – is identical for this May and last May, as consumer demand continues to move homes in 2014 as quickly as last year.

"Home prices are as high as they are because of the low inventory spread across the nation," said Steve Berkowitz, Move's chief executive officer. "But we are not seeing the runaway pricing of last year. Nor is the situation exclusive to the hotbed markets of recent years."

National Key Market Indicators for May 2014


May 2014

Year-over-Year

Percentage

Change

Month-over-Month

Percentage Change

Number of Listings

1,743,065

-5.8%

-0.4%

Median Age of Inventory

78

0.0%

-4.9%

Median List Price

$214,900

8.0%

2.4%

10 Metropolitan Statistical Areas (MSAs) with the Greatest Median List Price Increases, Year over Year

MSA

Median Listing Price

% YY

Total Listings

% YY

Stockton-Lodi, CA

$285,000

42.7%

1,291

-38.0%

Las Vegas, NV-AZ(NV)

$186,085

24.1%

12,564

-28.0%

Houston, TX

$245,000

23.1%

16,687

-32.0%

Reno, NV

$289,900

22.9%

2,377

3.0%

Denver, CO

$349,900

20.7%

5,930

-20.0%

Riverside-San Bernardino, CA

$309,900

19.7%

18,010

20.0%

West-AZ-RSA

$328,950

19.6%

2,312

16.0%

Sacramento, CA

$340,000

19.3%

6,110

-27.0%

Boulder-Longmont, CO

$465,000

19.3%

1,569

-34.0%

San Diego, CA

$500,250

17.7%

6,571

-15.0%

Locally, inventory shortages have not reached the levels of a year ago. In May 2014, only three markets – Stockton-Lodi, California; Boulder-Longmont, Colorado; and Houston, Texas – reported year-over-year inventory declines in excess of 29 percent. By contrast, nine markets had inventory deficits of 29 percent or more in May 2013.

California markets that registered very large declines last year – such as Santa Barbara, Oakland, and Riverside San Bernardino – are reporting increased inventory this year. Last year, some of these markets were seeing extreme situations where prices were up more than 20 percent while inventory was down over 25 percent.

How Data Is Collected

Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory, and median list price across the U.S. and in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 MLSs.

Realtor.com® has revised its December 2013 through April 2014 monthly data. Realtor.com® regularly reviews and updates historical data in order to provide the most accurate and comprehensive market information available.  To obtain a copy of revised reports, please email Lexie.Puckett@move.com.

Supporting Resources

*"Most accurate" claim(s) pertain to the accuracy of home listings, are based on comparison with other national listing portals, and are based on the greater frequency of listings updating on realtor.com®.

About Move, Inc. and realtor.com®
Move, Inc. (NASDAQ:MOVE), the leading producer of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via computers, tablets and smart phones. Realtor.com® is where home happens. Move, Inc. provides consumers a wealth of innovative tools and accurate information including Doorsteps®, SocialBios™, Moving.com™, SeniorHousingNet™, New Home Source and Relocation.com. Move, Inc. supports real estate agents and brokerages by providing many services to grow their businesses including ListHub™, the nation's leading syndicator of real estate listings, TigerLead®, Top Producer® Systems, and FiveStreet as well as many free services. Move is based in the heart of Silicon Valley – San Jose, Calif.

REALTOR® and REALTOR.COM® are trademarks of the National Association of REALTORS® and are used with its permission. Move, Move.com, Moving.com, Top Producer®, TigerLead®, ListHub™, Doorsteps® and SeniorHousingNet™ are trademarks of Move, Inc. These and all other trademarks used in this work are the property of their respective owners. 

Media Contact: Lexie Puckett, +1 805-557-3151, Lexie.Puckett@move.com  

Forward-Looking Statements

This news release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different from those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

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