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In April, the U.S. supply of active listings posted the smallest year-over-year decline (-12.2%) since the end of 2019, led by gains in the share of mid-sized homes
SANTA CLARA, Calif., May 10, 2022 /PRNewswire/ -- New data suggests that the U.S. housing supply is readying to rebound, as active listings posted the smallest year-over-year declines (-12.2%) since December 2019, according to the Realtor.com® Monthly Housing Trends Report released today. Inventory improvements were led by increases in the share of mid-sized homes, which could mean more listings available to families looking to upgrade from their starter homes – which could, in turn, potentially result in an uptick in first-time buying options.
"April data suggests a positive turn of events is on the horizon for weary buyers: If the trends we're seeing now hold true, we could potentially see year-over-year inventory growth within the next few weeks," said Danielle Hale, Chief Economist for Realtor.com®. "The key to this growth will be the continuation of softening buyer competition and an increasing number of sellers putting homes on the market. While home shoppers are still seeking relief from record-high asking prices and all-time low supply, when compared to the past two-plus years of double-digit annual inventory declines, an imminent rebound is welcome news – a real estate refresh, if you will. There's a long uphill climb to balance, but it starts with heading in the right direction, and April data shows a lot of promise."
April 2022 Housing Metrics – National
Metric | Change over April 2021 | Change over April 2019 |
Median Listing Price | 14.2% (to $425,000) | 33.8% |
Median Listing Price per Square Foot | 15.1% | 45.3% |
Active Listings | -12.2% | -66.8% |
New listings | -0.9% | -14.6% |
Median Days on Market | -6 (to 34 days) | -25 |
Inventory charts an accelerated path towards growth, led by mid-sized family homes
In April, the U.S. supply of for-sale homes showed multiple signs of accelerated improvements, as higher mortgage rates cut into some buyers' flexibility to compete. Although new listings declined year-over-year, so did the number of homes under contract, suggesting that softening demand is cooling the feverish pace of home sales. As a result of these combined trends, the gap in active listings from last year continued to shrink, led by increases in the share of mid-sized homes. This could mean more options available to families looking to upgrade from and sell their starter homes, which, in turn, could potentially lead to an increase in critical first-time buying inventory. For all buyers still in the game, the continuation of these trends would likely mean some sooner-than-expected relief in available options. Inventory could hit annual growth by next month and begin the long road to full recovery from COVID declines.
April 2022 Active Listings Metrics – National
Home Size Range (Sq. Ft.) | Share of Active Listings | Change over April 2021, by pct. pts. |
0-750 | 4.3% | -0.6% |
750-1,750 | 41.9% | 0.2% |
1,750-3,000 | 35.3% | 2.3% |
3,000-6,000 | 15.7% | -1.2% |
6,000+ | 2.8% | -0.7% |
Time on market remains at a record-low, but narrows in on the 2021 pace
For buyers still in the market, softening competition is offering some much-needed relief from the feverish pace that inventory is moving compared to last year. Homes continue to sell quickly, at a record-fast pace in April, but the gap from last year has been shrinking. In fact, the yearly rate dropped by half from March. Conditions were relatively more competitive in the 50 largest U.S. metros, all of which posted yearly declines in time on market. Many of the metros where homes moved fastest compared to last year were in the Sun Belt region, which has become increasingly popular with prospective buyers from out of the state.
Home prices hit another all-time high even as more sellers make price reductions
Despite moderating demand, the U.S. median home price hit yet another all-time high and accelerated over the March annual growth pace in April. While already elevated, this increase may be lower than what some home shoppers experienced, because medians can shift along with the mix of for-sale inventory. April's median reflects fewer large listings and more mid-sized listings available compared to a year ago, with listing prices per square foot rising at a relatively faster pace than the overall median, but moderating slightly from the March rate. In another sign of some buyers tightening their budgets in the face of rate hikes, the share of sellers making price reductions increased year-over-year nationwide and in the majority of large metros.
April 2022 Housing Metrics – 50 Largest U.S. Metros
Metro Area | Median | Median | Median | Active | New | Median | Median Y-Y | Price | Price Y-Y |
Atlanta-Sandy Springs-Roswell, Ga. | $411,000 | 8.2% | 13.3% | -10.0% | -9.1% | 31 | -4 | 8.0% | 3.0% |
Austin-Round Rock, Texas | $625,000 | 27.6% | 27.7% | 16.5% | -7.6% | 15 | -12 | 9.4% | 6.8% |
Baltimore-Columbia-Towson, Md. | $330,000 | -1.5% | 6.2% | -8.7% | -7.0% | 31 | -2 | 7.5% | 1.2% |
Birmingham-Hoover, Ala. | $270,000 | -2.5% | 7.5% | -4.7% | -2.3% | 36 | -5 | 6.4% | 2.0% |
Boston-Cambridge-Newton, Mass.-N.H. | $754,000 | 7.9% | 6.7% | -25.5% | -3.7% | 17 | -5 | 6.5% | -0.3% |
Buffalo-Cheektowaga-Niagara Falls, N.Y. | $227,000 | -9.1% | 1.5% | -8.4% | -1.6% | 35 | -1 | 3.6% | 0.3% |
Charlotte-Concord-Gastonia, N.C.-S.C. | $419,000 | 7.7% | 15.3% | -6.4% | 9.3% | 19 | -13 | 9.6% | 3.0% |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $350,000 | 0.0% | 0.3% | -26.8% | -15.0% | 33 | -3 | 5.9% | -0.7% |
Cincinnati, Ohio-Ky.-Ind. | $331,000 | -6.0% | 7.5% | -11.5% | 4.3% | 36 | -3 | 4.8% | 0.4% |
Cleveland-Elyria, Ohio | $192,000 | -14.3% | 1.7% | -2.0% | 3.6% | 39 | -6 | 5.3% | -0.3% |
Columbus, Ohio | $325,000 | 6.6% | 11.8% | -4.6% | -0.3% | 14 | -2 | 5.9% | 0.1% |
Dallas-Fort Worth-Arlington, Texas | $438,000 | 17.1% | 19.2% | -6.9% | 5.6% | 25 | -8 | 6.5% | 2.2% |
Denver-Aurora-Lakewood, Colo. | $675,000 | 17.4% | 8.1% | -0.3% | 11.3% | 8 | -5 | 6.3% | 2.6% |
Detroit-Warren-Dearborn, Mich. | $248,000 | -9.8% | 2.6% | 4.9% | 0.2% | 25 | -1 | 10.7% | 3.0% |
Hartford-West Hartford-East Hartford, Conn.* | $350,000 | 15.7% | 23.2% | ___ | 0.8% | 20 | -13 | 4.2% | -1.8% |
Houston-The Woodlands-Sugar Land, Texas | $389,000 | 11.4% | 13.5% | -10.8% | -0.2% | 37 | -6 | 8.9% | 2.0% |
Indianapolis-Carmel-Anderson, Ind. | $300,000 | 9.2% | 15.1% | -14.4% | -7.6% | 34 | -7 | 6.2% | 0.4% |
Jacksonville, Fla. | $419,000 | 22.9% | 22.7% | -7.3% | -5.3% | 33 | -6 | 6.1% | 1.7% |
Kansas City, Mo.-Kan. | $386,000 | 12.2% | 14.3% | 9.0% | -3.8% | 41 | 0 | 3.9% | 0.6% |
Las Vegas-Henderson-Paradise, Nev. | $494,000 | 32.6% | 27.5% | -4.8% | 4.9% | 22 | -6 | 12.1% | 5.3% |
Los Angeles-Long Beach-Anaheim, Calif. | $950,000 | -3.9% | 5.3% | -21.8% | -8.1% | 29 | -5 | 6.1% | 0.9% |
Louisville/Jefferson County, Ky.-Ind. | $290,000 | 8.8% | 11.0% | -7.8% | -12.3% | 25 | -4 | 7.3% | 1.4% |
Memphis, Tenn.-Miss.-Ark. | $239,000 | -0.3% | 17.1% | 10.6% | 1.4% | 35 | -8 | 5.9% | 2.2% |
Miami-Fort Lauderdale-West Palm Beach, Fla. | $578,000 | 38.3% | 25.4% | -46.6% | -8.7% | 43 | -29 | 5.2% | -0.5% |
Milwaukee-Waukesha-West Allis, Wis. | $332,000 | 5.6% | 2.2% | -0.8% | -9.8% | 35 | -3 | 6.5% | 1.3% |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $414,000 | 15.1% | -2.1% | -16.5% | -3.3% | 32 | -2 | 5.0% | 1.3% |
Nashville-Davidson--Murfreesboro--Franklin, Tenn. | $522,000 | 26.2% | 18.3% | -10.5% | 5.5% | 12 | -7 | 8.3% | 3.2% |
New Orleans-Metairie, La. | $349,000 | 2.0% | 0.0% | -8.2% | 15.2% | 41 | -12 | 11.0% | 2.6% |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $712,000 | 9.6% | 30.8% | -6.4% | -1.4% | 45 | -4 | 6.9% | -0.6% |
Oklahoma City, Okla.* | $315,000 | 6.6% | 16.6% | -0.4% | ___ | 36 | -7 | 5.9% | 0.0% |
Orlando-Kissimmee-Sanford, Fla. | $427,000 | 30.7% | 28.9% | -22.2% | 3.5% | 32 | -13 | 6.5% | 0.8% |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $323,000 | -5.0% | 5.1% | -5.8% | 1.9% | 36 | -4 | 7.9% | 1.3% |
Phoenix-Mesa-Scottsdale, Ariz. | $527,000 | 22.0% | 22.2% | 9.8% | -4.1% | 27 | -4 | 9.2% | 3.9% |
Pittsburgh, Pa. | $227,000 | -15.1% | -7.6% | -8.2% | -5.1% | 43 | -1 | 8.6% | 1.4% |
Portland-Vancouver-Hillsboro, Ore.-Wash. | $585,000 | 11.2% | 13.3% | -11.2% | -1.2% | 30 | -4 | 10.7% | 1.7% |
Providence-Warwick, R.I.-Mass. | $475,000 | 17.3% | 13.2% | -16.1% | -7.4% | 27 | -6 | 4.0% | 0.6% |
Raleigh, N.C. | $475,000 | 17.9% | 23.7% | -34.5% | -10.9% | 9 | -14 | 5.4% | 1.8% |
Richmond, Va. | $375,000 | 3.0% | 10.4% | -26.4% | -10.2% | 35 | -5 | 3.3% | -0.3% |
Riverside-San Bernardino-Ontario, Calif. | $592,000 | 18.4% | 17.3% | 23.3% | 2.0% | 28 | 0 | 8.2% | 4.5% |
Rochester, N.Y. | $200,000 | -19.9% | -4.3% | -13.6% | -8.4% | 11 | -5 | 5.7% | 0.0% |
Sacramento--Roseville--Arden-Arcade, Calif. | $649,000 | 13.2% | 14.1% | 11.8% | -1.0% | 24 | -2 | 9.7% | 4.7% |
San Antonio-New Braunfels, Texas | $371,000 | 18.2% | 19.7% | 11.7% | 12.5% | 36 | -5 | 6.4% | 2.1% |
San Diego-Carlsbad, Calif. | $900,000 | 9.8% | 11.4% | -15.3% | -7.5% | 22 | -7 | 5.6% | 1.6% |
San Francisco-Oakland-Hayward, Calif. | $1,098,000 | 4.6% | 6.3% | -4.1% | -3.0% | 24 | -6 | 5.1% | 1.3% |
San Jose-Sunnyvale-Santa Clara, Calif. | $1,432,000 | 15.2% | 10.8% | -29.2% | -4.1% | 20 | -9 | 3.2% | -1.6% |
Seattle-Tacoma-Bellevue, Wash. | $800,000 | 19.5% | 10.0% | -20.6% | -10.4% | 21 | -7 | 4.4% | 1.1% |
St. Louis, Mo.-Ill. | $273,000 | 4.1% | 5.7% | -14.4% | -8.2% | 40 | -15 | 6.0% | 0.6% |
Tampa-St. Petersburg-Clearwater, Fla. | $412,000 | 28.8% | 28.7% | -3.2% | 0.6% | 29 | -8 | 6.4% | 1.1% |
Virginia Beach-Norfolk-Newport News, Va.-N.C. | $349,000 | 10.3% | 10.9% | -33.4% | -14.8% | 18 | -7 | 6.8% | 0.8% |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $562,000 | 11.3% | 3.7% | -15.7% | -14.1% | 28 | -2 | 6.3% | 0.5% |
Methodology
Realtor.com® housing data as of April 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS.
*Note: Oklahoma City new listings and Hartford active listings metrics are not available while data is under review.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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
rachel.conner@move.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-april-housing-report-inventory-readies-to-rebound-301543394.html
SOURCE Realtor.com
Copyright 2022 PR Newswire
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