Local Market Highlights:
Markets with the strongest demand. Of particular note in October’s figures are the markets with the fastest turnover, some at roughly half of the national median “days on market” figure of 94 days, and Oakland remains the national leader at just 30 days – approximately one-third of the national median. While October’s leaderboard is a continuation of September’s fastest moving markets, these are beginning to show an easing that tracks with the national month-over-month trend; only Washington, D.C. has shortened its age of inventory from September, and the rest have increased time on market, while Phoenix remained flat.
Widespread median list price increases. The majority of housing markets are registering positive signs, with 85 percent of the 146 markets covered by realtor.com® showing year-over year increases in median list price, and just 19 markets registering year-over-year price declines in October. Detroit continues to lead the country in year-over-year list price increases, followed by markets in California and Nevada.
Local market inventories shift – decreases steady and increases are on the rise. The number of markets where inventories were down by 5 percent or more on a year-over-year basis continued its steady decline, dropping from 102 markets in June to 65 markets in October. At the same time, inventory grew in more than twice the number of markets in October (49) compared to June (22), and the number of markets with inventories that are up by at least 5 percent over the year rose from 15 markets in June to 30 markets in October.
For more information, visit www.realestateeconomywatch.com.