The 2014 home buying season is off to a strong start with year-over-year increases in housing inventories and “sustained growth in home prices,” according to the latest National Housing Trend Report from realtor.com®, which reflects data of 143 markets across the country.
The number of properties for sales edged up 3.1 percent in January while the median age of inventory basically held steady, indicating a “less frenzied market” than in January 2013, realtor.com® reports.
This is “an encouraging sign of sellers’ interest, particularly given the adverse conditions brought on by the polar vortex,” says Errol Samuelson, realtor.com®’s president. “We saw the tight-supply market of last fall carry all the way into November – later than is typically expected – and this early rise in inventory is a welcome trend.”
Overall, 83 of the 143 markets that realtor.com® tracks – or 58 percent – showed increases in year-over-year inventories.
The markets posting some of the largest year-over-year increases in median list prices – of 20 percent or more – include California, Detroit, and Nevada.
Source: “Realtor.com Report: 2014 Home Buying Starts Strong,” realtor.com (Feb. 20, 2014)