Realtor.com® Report: February Listings Rise Despite Falling Temperatures | Mt Kisco Real Estate
More sellers are now putting their homes on the market than at this time last year, according to the latest National Housing Trend Report from realtor.com®.
Inventories of homes for sale rose 10% year-over-year to 1.744 million units, indicating increasing seller optimism and a strong, early beginning to the spring home-buying season, according to the report’s February data.
The median list price of $199,000 was 7.6% higher than it was during the same month last year, while the median age of inventory increased 6.5% above last year’s figures, to 114 days.
“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we’ve been watching since late last summer,” said Steve Berkowitz, CEO of Move Inc., the parent company of realtor.com®. “Seller confidence is the factor to watch as we head into the spring home-buying season, and these are very encouraging indicators—not only are more homes coming onto the market, but typically we don’t see a rise in asking prices this early into the year. This is the market these sellers have been waiting for.”
Experts speculate that as homeowners gained equity across 2013, sellers otherwise prevented from making housing changes associated with “life events” now are finally able to tap into the resources necessary to make those changes.
The increase in inventory is even more significant given the severe weather that likely dampened a more typical month of listing activity across much of the nation, experts say. Despite the gains, inventories are still extremely low and remain a key factor in long-term housing market health.
http://www.realtor.com/news/realtor-com-report-february-shows-increase-listings-despite-freezing-weather/
Inventories of homes for sale rose 10% year-over-year to 1.744 million units, indicating increasing seller optimism and a strong, early beginning to the spring home-buying season, according to the report’s February data.
The median list price of $199,000 was 7.6% higher than it was during the same month last year, while the median age of inventory increased 6.5% above last year’s figures, to 114 days.
“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we’ve been watching since late last summer,” said Steve Berkowitz, CEO of Move Inc., the parent company of realtor.com®. “Seller confidence is the factor to watch as we head into the spring home-buying season, and these are very encouraging indicators—not only are more homes coming onto the market, but typically we don’t see a rise in asking prices this early into the year. This is the market these sellers have been waiting for.”
Experts speculate that as homeowners gained equity across 2013, sellers otherwise prevented from making housing changes associated with “life events” now are finally able to tap into the resources necessary to make those changes.
The increase in inventory is even more significant given the severe weather that likely dampened a more typical month of listing activity across much of the nation, experts say. Despite the gains, inventories are still extremely low and remain a key factor in long-term housing market health.
http://www.realtor.com/news/realtor-com-report-february-shows-increase-listings-despite-freezing-weather/
Comments