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Turning Point for Housing Market? Key Drivers Shift from Supply to Demand

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• Median List Price – The nationwide median list price had no significant gains or losses, but the two markets of greatest change were:
- Highest gain was 6.53 percent for Corpus Christi, Texas
- Lowest decline was -8 percent for Jersey City, N.Y.

• The majority of markets covered by realtor.com® appear to be ending the 2013 home buying season on a positive note, with more balanced inventories, shorter time on market, and higher listing prices compared to one year ago. However, some markets traditionally focused in the industrial sector continue to struggle due to weak local economies – examples include markets in the Carolinas, Philadelphia and New Jersey.

• California markets continue to dominate the list of areas experiencing the largest year-over-year median list price increases, despite the surge in new property listings that has occurred in most of these areas. Detroit, Phoenix, Reno, Nev. and Las Vegas also continue to be among the nation’s top performers in terms of their year-over-year list price increases.

• Many smaller industrialized markets in the Midwest and the Northeast continue to struggle, and several major Florida markets are showing signs of re-emerging weakness. This underscores the uneven nature of the housing recovery and its dependence on the strength of the local economy.

For more information on Move, visit www.move.com or one of its many online real estate properties including realtor.com® at www.realtor.com.

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