Realtor.com: More listings have lowered their asking price
SANTA CLARA, Calif. – Jan. 15, 2019 – The U.S. housing market showed continuing signs of cooling in many of the nation's largest metros in December, according to realtor.com's latest housing report. Nationwide, the largest markets saw a 10 percent increase in inventory compared to a nationwide average of 5 percent, realtor.com claims, as time on market decelerated, listing price growth slowed and price cuts increased.
Realtor.com's "top 25 metros" includes four in Florida: In Tampa-St. Petersburg-Clearwater, listings grew by 20 percent year-to-year; in Jacksonville, they grew 16 percent; in Orlando-Kissimmee-Sanford they grew 13 percent; and Miami-Fort Lauderdale-West Palm Beach, they grew 10 percent.
Florida cities year-to-year price reductions – time on market
- Tampa-St. Petersburg-Clearwater: 9% had a price reduction; time on market declined by 1 day
- Jacksonville: 3% had a price reduction; time on market increased by 1 day
- Orlando-Kissimmee-Sanford: 5% had a price reduction; time on market declined by 4 days
- Miami-Fort Lauderdale-West Palm Beach: 3% had a price reduction; time on market increased by 1 day
Nationally, homes sold at a pace of 80 days in December – three days faster year-to-year. However, this rate is decelerating, as December 2017 saw homes sell six days faster compared to the previous year.
"Sellers are adjusting their strategies, especially in slowing, pricey markets with growing availability of homes for sale," says Danielle Hale, chief economist for realtor.com. "Although buyers may not find a bargain, the price discounts and recently lower borrowing costs may entice upper-tier buyers back into the market. By contrast, entry-level shoppers continue to contend with declining availability of homes for purchase, albeit at a slower rate."
Nationally, the percentage of listings that saw price reductions increased to 15 percent in December, up from 13 percent a year ago. The increase is being driven by the nation's largest markets. In fact, 38 of the 45 top markets saw an increase in the share of price reductions. Charlotte, N.C., topped the list with the share of price reductions growing by 10 percent, from 14 percent last year to 24 percent in December. It was followed by San Jose (+10 percent), Tampa (+9 percent), Phoenix (+9 percent) and Seattle (+8 percent).
The median U.S. listing price for realtor.com advertised properties grew 7 percent year-over-year to $289,000 in December – lower than last year's increase of 8 percent.
The steepest declines in median listing prices were felt in San Jose, Calif., and San Francisco, which were down 12 percent and 4 percent, or $130,000 and $33,000, respectively. Austin, Texas, Houston, Dallas, Nashville, Tenn., Charlotte, N.C., and Jacksonville, Fla. also saw declines. However, selling prices in some of these markets are not yet reflecting these declines.
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