SAN JOSE, CA-We recently reported that the Santa Clara, CA home selling market was heating up this summer. Locally based Realtor.com, operated by Move Inc., recently released the realtor.com National Housing Trend Report for the month of June 2013 which revealed that is isn't just a NorCal thing, but a statewide price increase.
Not only price, but both year-over-year median list prices and month-over-month inventories rose significantly in key California markets—with increases of over 20% and over 40% respectively, says the company.
In June, the national increase in median list price remained 5.27% higher than a year ago. National median age of inventory increased by just one day (at 80 days) in June, compared to 79 days in May 2013, says the firm.
"Inventories on realtor.com reached their highest level in June since the beginning of 2013. We're seeing increases as high as 51% month-over-month in many southern California markets," says Steve Berkowitz, chief executive officer of Move. "Sellers are continuing to list homes at a steady pace into late June, which moves us past the traditional home buying season, as mortgage interest rates continue to rise. These are all signs that the market recovery is continuing at a healthy pace."
Nationally, June 2013 inventories rose by 4.26% over May 2013 and median list prices were just 0.45% higher than May prices. Despite six consecutive months of steady month-over-month growth, inventories continue to be down by 7.29% on a year-over-year basis.
According to realtor.com trend report, key national data found includes:
*In June, the total number of single-family homes, condos, townhomes and co-ops for sale in the US (1.93 million) increased by 4.26% month-over-month. On an annual basis, June 2013 inventory decreased by 7.29%.
*The median list price ($199,900 for June 2013) rose by 0.45% over the month, and by 5.27% year-over-year.
*The median age of inventory of for sale listings (80 days) has decreased by approximately 15.79% in comparison to June of last year, but is up 1.27% month-over-month.
Local Data:
*June 2013 month-over-month inventories sprang up in many regions in California, including: Orange County (51.54%); Los Angeles-Long Beach (45.69%); Riverside-San Bernardino (44.72%); Ventura (43.53%); San Diego (18.14%); Bakersfield (12.47%) and Oakland (12.14%).
*June 2013 month-over-month inventories also increased in: Dayton-Springfield, Ohio (14.06%); Santa Fe, NM (13.82%) and Anchorage, Alaska (13.77%).
*Reno, NV tops the list for month-over-month median list price increases--up 5.53%. Three California markets made the top 10 in median list price increases, along with Chicago, Detroit, Portland, Naples, FL, Las Vegas and Jersey City, NJ.
*The largest year-over-year decreases in median age of inventory were reported in Seattle-Bellevue-Everett, WA (-47.37%); Denver, (-47.06%); Oakland (-45.16%); Salt Lake City-Ogden, Utah (-34.72%) and Reno (-34.41%).
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
