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SANTA CLARA, Calif. – Jan. 30, 2019 – Realtor.com’s January housing report shows the U.S. housing market is off to a slower start in 2019. Although home prices continue to increase, 15 percent of U.S. listings had price cuts in January, and declines in days-on-market have significantly decelerated since last year.
“Although the market is slowing, it’s important to remember that we’re coming off of four straight years of inventory declines that pushed the market to a record low availability of homes for sale,” says Danielle Hale, chief economist for realtor.com. “The real metric to keep an eye on is entry-level homes, which are the key to getting today’s market back in balance. These homes are still in short-supply.”
Note: Realtor.com analyzes listings’ asking prices – not selling prices – and the statistics come only from an analysis of homes advertised on realtor.com’s website.
Florida metro listing price changes
Tampa-St. Petersburg-Clearwater: Year-to-year inventory is up 21%; total share of price reductions up 3%; listing prices unchanged
Jacksonville: Year-to-year inventory is up 18%; total share of price reductions up 3%; listing prices down 3%
Orlando-Kissimmee-Sanford: Year-to-year inventory is up15%; total share of price reductions up 6%; listing prices unchanged
Miami-Fort Lauderdale-West Palm Beach: Year-to-year inventory up 12%; total share of price reductions is up 1%; listing prices down 1%
Nationally, the share of homes which had year-to-year price cuts increased by 2 percent, and 39 of the 50 largest markets saw an increase in their share of price reductions compared to last year. Las Vegas saw the greatest increase in January, up 16 percent, followed by San Jose (+9 percent), Seattle (+8 percent), Orlando (+6 percent) and Phoenix (+5 percent).
Time on market increases
Nationally, homes sold in 87 days in January – two days faster than last year – but the rate of decline has been decelerating.
In January 2018, homes sold a full week faster compared to the previous year, but in the 50 largest U.S. metros, the typical home spent an average of one more day on the market compared to the previous year. In top-change San Jose, Calif., for example, homes spent 27 more days on the market than they did a year earlier.
The median U.S. listing price grew 7 percent year-over-year to $289,300 in January, which is slightly less than last year’s increase of 8 percent. This moderate deceleration in home prices is likely attributed to inventory growth in the upper tier of the nation’s most expensive markets.
The number of homes priced $750,000 and above grew 12 percent over last year, while the number of homes $200,000 and under declined by 6 percent.
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