Median list prices and for-sale inventories were down in nearly all markets tracked by Realtor.com during May, reversing trends seen in April.
At the national level, the median list price fell 1.56 percent from April to May, to $188,900. That compares with a 6.7 percent increase in median list price in April that nearly reversed 10 consecutive months of declines.
The median list price was down in 126 of 146 markets tracked, falling by more than 5 percent in 23 markets — including 14 in Florida.
The nine other markets where monthly median price declines exceeded 5 percent were Chattanooga, Tenn. (-17.8 percent); South-South Carolina rural statistical area (-6.52 percent); Tucson, Ariz. (-5.77 percent); Chicago, Ill. (-5.71 percent), Jersey City, N.J. (-5.5 percent); Columbia, S.C. (-5.41 percent); Phoenix-Mesa, Ariz. (-5.41 percent); York, Pa. (-5.08 percent); and Fresno, Calif. (-5.06 percent).
Looking back a year, the national median list price was down 2.07 percent, with 111 of 146 markets seeing year-over-year declines.
The markets with the greatest annual declines in median list price were Santa Barbara, Calif. (-26.89 percent); Detroit, Mich. (-18.35 percent); Chattanooga, Tenn. (-16.91 percent); Chicago (-16.64 percent); Atlanta (-16.49 percent), Tampa-St. Petersburg-Clearwater, Fla. (-15.63 percent); Sacramento, Calif. (-15.3 percent); and Phoenix-Mesa, Ariz. (-15.16 percent).
Six markets saw median list prices increase by more than 5 percent from a year ago: Fort Myers-Cape Coral, Fla. (27.27 percent); Miami (9.17 percent); Shreveport-Bossier City, La. (8.82 percent); Fort Wayne, Ind. (6.9 percent); Springfield, Ill. (6.75 percent); and Fort Pierce-Port St. Lucie, Fla. (5.2 percent)
For-sale inventories
At the national level, for-sale inventories grew by 3.52 percent from April to May, with nearly 2.35 million homes on the market.
That’s a 14.26 percent drop from a year ago, however, and 135 of 146 markets had fewer homes on the market in May than at the same time a year ago.
For-sale inventories were down from a year ago in 18 of the 20 markets that attracted the most searches, Realtor.com said, with Las Vegas and Philadelphia as exceptions.
Nevertheless, Realtor.com noted that searches are up 16.56 percent at the listing portal from a year ago.
The 11 markets that had more for-sale inventory on the market in May than a year ago were New York (10.23 percent); Las Vegas (8.16 percent); Philadelphia (6.54 percent); Harrisburg-Lebanon-Carlisle, Pa. (6.11 percent); Reno, Nev. (5.97 percent); Anchorage, Alaska (5.17 percent); El Paso, Texas (3.83 percent); Cedar Rapids, Iowa (3.28 percent); Middlesex-Somerset-Hunterdon, N.J. (1.31 percent); Oklahoma City (1.31 percent); and Baton Rouge, La. (0.92 percent).
Markets with the greatest year-over-year decline in for-sale listings were Savannah, Ga. (-43.97 percent); Fort Myers-Cape Coral, Fla. (-36.49 percent); Miami (-36.36 percent); Orlando, Fla. (-35.47 percent); Boise City, Idaho (-34.21 percent); Grand Rapids-Muskegon-Holland, Mich. (-33.15 percent); Melbourne-Titusville-Palm Bay, Fla. (-29.11 percent); Lakeland-Winter Haven, Fla. (-27.46 percent); Daytona Beach, Fla. (-26 percent); and Phoenix-Mesa (-26 percent).
Days on market
The median time a for-sale property spent on Realtor.com continued to exceed 120 days in most parts of Florida, as well as in Savannah, Ga. (178 days); South-South Carolina rural statistical area (175 days); Myrtle Beach, S.C. (146 days); Santa Fe, N.M. (141 days); Reading, Pa. (138 days); Wilmington, N.C. (138 days); Mobile, Ala. (122 days); and Salem, Ore. (121 days).
California markets typically had among the lowest days on Realtor.com. Areas where the median age of the inventory was less than 60 days include Denver, Colo. (39 days), Oakland, Calif. (46 days), Tampa-St. Petersburg-Clearwater, Fla. (51 days), San Francisco, Calif. (57 days), Bakersfield, Calif. (60 days), and the Virginia suburbs of Washington, D.C. (60 days).
Median list price, inventory for top 20 Realtor.com search markets
|
Market |
Median list price |
Change from year ago |
Number of listings |
Change from year ago |
|
U.S. |
$188,900 |
-2.07% |
2,348,431 |
-14.26% |
|
1. Chicago, Ill. |
$199,900 |
-16.64% |
72,376 |
-8.02% |
|
2. Las Vegas, Nev.-Ariz. |
$119,500 |
-14.58% |
27,015 |
8.16% |
|
3. Detroit, Mich. |
$89,000 |
-18.35% |
29,622 |
-19.25% |
|
4. Phoenix-Mesa, Ariz. |
$139,900 |
-15.16% |
25,894 |
-26.00% |
|
5. Tampa-St. Petersburg-Clearwater, Fla. |
$134,900 |
-15.63% |
28,359 |
-5.82% |
|
6. Atlanta, Ga. |
$154,500 |
-16.49% |
77,259 |
-12.69% |
|
7. Los Angeles-Long Beach, Calif. |
$324,900 |
-13.36% |
33,438 |
-10.00% |
|
8. Dallas, Texas |
$189,000 |
-4.55% |
24,836 |
-2.75% |
|
9. Philadelphia, Pa.-N.J. |
$239,000 |
-7.18% |
26,242 |
6.54% |
|
10. West Palm Beach-Boca Raton, Fla. |
$199,900 |
-4.35% |
23,930 |
-17.17% |
|
11. Orlando, Fla. |
$149,900 |
-9.15% |
13,969 |
-35.47% |
|
12. Fort Lauderdale, Fla. |
$159,000 |
-5.72% |
16,892 |
-25.08% |
|
13. Riverside-San Bernardino, Calif. |
$190,000 |
-4.52% |
31,673 |
-9.24% |
|
14. Washington, D.C.-Md.-Va.-W.Va. |
$369,999 |
4.52% |
15,935 |
-9.81% |
|
15. Orange County, Calif. |
$444,900 |
-6.34% |
16,518 |
-4.25% |
|
16. San Diego, Calif. |
$349,900 |
-6.69% |
15,868 |
-1.85% |
|
17. Denver, Colo. |
$253,700 |
-4.23% |
5,565 |
-7.50% |
|
18. Boston-Worcester-Lawrence-Lowell-Brockton, Mass.-N.H. |
$333,000 |
-3.45% |
29,854 |
-0.08% |
|
19. Miami, Fla. |
$238,000 |
9.17% |
16,504 |
-36.36% |
|
20. San Antonio, Texas |
$179,000 |
2.87% |
12,335 |
-8.22% |
Source: Realtor.com
