Realtor.com, a leader in online real estate operated by Move, Inc., released its Real Estate Health Report for the month of May 2013 this week. National housing indicators are being led by strong regional markets experiencing key growth, as seller supply begins to respond to consumer demand mirroring on a micro scale, indicating a slower but steady national trend towards sustainable market recovery.
As the spring homebuying season transitions into summer, some regions across the nation are seeing month-over-month inventories replenishing above usual seasonal patterns as sellers begin to respond to pent up demand. Many previously “hot” regional markets such as Sacramento and Stockton in California are in the process of balancing out, as surges in month-over-month listings begin to replenish depleted inventories.
“We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” said Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale.”
In the U.S., May 2013 inventories rose by 5.82 percent over April 2013 and median list prices were 2.10 percent higher than April prices. Last year, realtor.com reported a 1.77 percent increase in inventory from April 2012 to May 2012 and a 0.48 percent increase in median list prices over April 2012. The May 2013 month-over-month increase in inventory signals the beginning of a less volatile market and a greater balance between supply and demand. In fact, this surge in inventory has spread to some East Coast markets including Daytona Beach, FL and Washington, D.C., whose inventories rose 21.97 percent and 12.64 percent respectively, month-over-month.