Realtor.com® Report: 2014 Real estate property Starts Strong

The polar vortex is proving for being no sweat for home buyers, according to the latest National Housing Trend Report from realtor.com®.

Despite severe cold weather conditions across the nation, the 2014 property season got away and off to a good beginning using a year-over-year increase in inventory and sustained development in home prices.

The median list price for January rose 8.3 percent in comparison to the same time not too long ago, good realtor.com® data. How many properties for sale was up 3.1 percent. And the median ages of inventory was essentially unchanged, indicating a transition with a “less frenzied market” in comparison to January 2013.

The solid start “is an encouraging sign of sellers’ interest, particularly given the adverse conditions due to the polar vortex,” said Errol Samuelson, president of realtor.com®. “We saw the tight-supply market of last fall carry all the way into November — later than is usually expected — this also early rise in inventory is really a welcome trend.”

Looking ahead, the nation's median existing home price is projected to go up about 5 percent to 6 percent in 2014, according to the National Association of REALTORS®, which cites job growth and enormous, pent-up demand as drivers in the market learn how to of rising mortgage rates.

The California, Detroit and Nevada markets carry on and top the list of areas while using largest year-over-year increases in median list prices, boasting increases of 20 percent or maybe more.

Even so the polar vortex took a toll in most aspects of the country. Strong markets hit hard by cold months — for example Boston, Chicago and Detroit — saw up to ten percent month-over-month declines in inventory. Once cold weather subsides, however, these markets may experience a powerful recovery, realtor.com® analysts said.

National Perspective

Inventory increasing: On the national level, for-sale inventories at the moment are 3.1 percent above we were holding a year ago, as well as the rise in inventory is spreading to more markets across the nation. In January 2013, just eight markets out of the 146 registered increases in inventory. This January, 83 with the 143 markets tracked by realtor.com (58 percent) showed increases in inventory, year over year. As you move the next few months will likely be critical to see, these trends suggest an increasingly balanced housing market starting the 2014 real estate season.

Price increases more widespread: Median list price rose a healthy 8.3 % in January 2014 compared to the same time a year ago. In January 2014, 44 markets saw year-over-year list price increases of 10 % or maybe more, when compared with January 2013, when 24 markets registered double-digit increases in median list price. The volume of declining markets regarding median list price dropped from 58 in January 2013 just to 13 in January 2014.

Days on market stabilizing: Median chronilogical age of inventory remained steady in January 2014 than the same time a year ago, at 115 days. However, the quantity of markets showing year-over-year declines in inventory has dropped significantly, from 133 markets in January 2013 to 78 markets in January 2014. Meanwhile, 56 markets showed year-over-year increases in inventory in January 2014, as compared to just nine markets in January 2013.

Local Market Highlights

California, Detroit and Nevada markets carry on and dominate the list of areas experiencing the largest year-over-year increases in median list prices, with increases of 20 percent or higher.

Entering into the spring months, you should watch out for markets with a possible resurgence, such as Denver, Boulder, Chicago and Corpus Christi, TX, where depressed inventories are already along with large year-over-year gains in median list prices. Sustained low inventories of these markets could to guide to demand-driven housing price increases that characterized California and most with the sand states in 2013.

Strong markets particularly worth noting as those worst hit by climate-driven troubles include Boston that has a 10.9 percent month-over-month inventory decline, Chicago which has a 6.1 percent inventory drop, Denver having a striking 13.5 percent inventory decline, Detroit that has a 6.8 percent reduction, Nyc having a 9.5 percent decline, and Philadelphia having an 8.2 percent decline. These markets may experience notable inventory recovery after prohibitive varying weather condotions subside.

Realtor.com® regularly tracks real property data and develops monthly reports featuring how many listings, median chronilogical age of inventory and median list price through the U.S. along with specific markets, together with provides year-over-year and month-over-month changes. These reports include the only ones pulled from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more(a) 800 MLSs. We regularly review boost historical data as a way to give you the most accurate and comprehensive market information available. For more information on Move, go to www.move.com or one of that many online real-estate properties including realtor.com®.