SANTA CLARA, Calif.,
Nov. 10, 2021 /PRNewswire/
-- New housing data shows 2021's feverish home sales pace
broke a yearly record in October, even as fall sales activity
followed steadier seasonal patterns. With last month marking the
eighth straight month of buyers snatching up homes more quickly
than the fastest pace in previous years and fewer new sellers
entering the market than last year, inventory took a slight step
back from recent months' improvements, according to the
Realtor.com® Monthly Housing Report released today.
"The year may be winding down, but 2021's feverish pace of home
sales continues to hit new records. Despite returns to more typical
pre-COVID seasonality which means a slower fall versus summer
season, October housing data suggests that demand is still
unseasonably high," said Realtor.com® Chief Economist
Danielle Hale. "A number of factors
could be enabling buyers to persist, including rising mortgage
rates and surging rental prices. Looking at the bigger picture of
the pandemic, increased adoption of technology could be playing a
key role in helping buyers move further along in the process
virtually. With these 'serious searchers' – some of whom have been
planning to buy since before the pandemic – better prepared to jump
on new listings quickly and keeping inventory tight, mismatched
supply and demand will continue to challenge buyers eager to move
on to the next phase of life."
2021's feverish pace of home sales hits eighth month
record
Fall buyers have a few more days to make decisions
relative to the competitive spring and summer, but home shoppers
still need to be prepared to act quickly. In each month from
March-October 2021, the typical U.S.
home spent fewer days on market than in the fastest-selling month
in 2016-2020. Additionally, homes sold within a month or less in
nearly one-quarter of the 50 largest U.S. markets, while buyers in
just four metros saw an increase in time on market in
October.
- The typical U.S. home spent 45 days on market in October,
moderating slightly from last month's pace (43 days). However,
homes still sold more quickly than in any October in recent
history, including 2020 (-8 days) and 2019 (-21 days).
- Relative to national time on market in October, homes sold at a
faster pace in the 50 largest U.S. metros in October, at an average
of 39 days (-8 days year-over-year).
- The South continued to lead in yearly declines in time on
market (-10 days) by region and in terms of the top five fastest
selling metros compared to last year, which were: Miami (-31 days), Raleigh (-30 days), Jacksonville (-17 days), Orlando (-17 days) and Memphis (-16 days).
Inventory improvements stall as the number of buyers
overwhelmed the number of fall sellers
The number of homes
for sale in the U.S. continues to lag, reflecting the mismatch of
strong buyer demand with more typical fall seller activity levels.
While October saw fewer new sellers than last year, a number of
factors suggest that buyers are still relatively active, including
the record-fast home sales pace. Additionally, every month in 2021
since January has seen a higher number of pending listings on
Realtor.com® – where the seller has already gone under
contract with a buyer – than active listings, or those without a
contract. With buyers still searching, the majority of for-sale
homes already under contract and fewer new listings coming onto the
market in October, active inventory took a step back from yearly
improvements seen since June.
- The active inventory gap from last year shrunk slightly in
October (-21.9%) over last month (-22.2%), but saw a smaller
improvement than from June (-43.1%) to July (-33.5%). Compared to
2019, there are fewer than half (-51.9%) as many homes for-sale
nationwide.
- Nationally, new listings declined 2.3% from 2020 in October,
with the biggest drops registered in the northeast (-8.5%) and west
(-8.0%). While big metros saw smaller new seller declines than last
month, new listings remain 11.6% lower in 2017-2019.
- From February-October of this year, the supply of
actively-listed homes on Realtor.com® was outpaced by
pending inventory, or listings that are under contract. This is the
opposite of what occurred in a typical month from 2017-2019.
Although the gap is shrinking from the peak difference seen in May
(197,355), there were still 5,975 more pending than active listings
nationwide in October.
- Across the 50 biggest U.S. markets, active inventory declined
by an average of 20.5% year-over-year and new listings were down
4.8% in October.
- More new sellers entered the market than last year in over
one-third (17) of big metros, with newly-listed homes posting
double-digit gains in Austin
(+15.3%), Memphis (+14.8%),
Buffalo, N.Y. (+10.7%) and
Jacksonville, Fla. (+10.3%).
- However, there were fewer new sellers than last year in the
majority of big metros in October, with new listings declining at a
double-digit pace in markets like Raleigh (-15.8%). With the typical
Raleigh home selling in just 19
days, the metro's supply of active inventory remains at less than
half of last year's levels (-50.7%).
"Emerging tech hubs like Raleigh have seen a rise in housing demand in
recent years, exacerbated by increased mobility during the
pandemic. Recent Realtor.com® data shows that over
one-third (35.3%) of Raleigh home
shoppers are from major metros like NYC, DC and LA. Also home to
one of our 2021 Hottest ZIP Codes, Brentwood, N.C., the Raleigh area is increasingly popular with
first-time buyers like tech-savvy millennials," Hale added. "Home
shopping from out-of-state comes with added challenges, so it's
particularly important to do your due diligence. Sites like
Realtor.com® offer digital tools like its Real Estate
app to help you find a home remotely, from taking virtual tours to
learning about local crime and noise levels, and more."
Sellers continue to ask for near-record high prices as home
price gains continue
For the third straight month, the U.S.
median listing price remained near record-highs and steadily
increased at a strong single-digit pace in October. Price gains
continue moderating from the double-digit pace seen earlier this
year, a potential indication that the housing market is
transitioning toward a more sustainable long-term growth pace.
However, the spring and summer frenzy has made a lasting impact on
affordability challenges as buyers continue to quickly buy up the
tight inventory of existing homes, fewer new sellers enter the
market and the new home supply gap widens.
- The U.S. median listing price was $380,000 in October, remaining near July's
record-high for the third month in a row. National listing price
growth also held steady at a high single-digit pace, up 8.6%
year-over-year in October.
- National listing price growth has been moderating from the
double-digit pace seen earlier this year. However, this largely
reflects a shift in the mix of for-sale inventory, with yearly
median listing price growth for a typical 2,000 square-foot single
family home still at double-digits in October (+16.7%).
Additionally, the share of sellers making listing price
adjustments[1] still lags behind 2018-2019
levels, despite growing 0.8% year-over-year in October.
- The 50 largest U.S. markets saw a slight uptick in annual
listing price growth in October, increasing by an average of 5.2%
versus last month's rate of 4.1%. The western (+9.7%) and southern
regions (+9.4%) led the nation in annual listing price gains, up by
at least 18% in metros like Austin
(+35.2%), Las Vegas (+27.2%),
Tampa (21.8%), Orlando (+20.0%) and Denver (+18.3%).
Table 1: October 2021 Housing
Metrics – National
Metric
|
October
2021
|
October 2021
Year-over-Year
|
October 2021 over
October 2019
|
Median Listing
Price
|
$380,000
|
+8.6%
|
+21.8%
|
Share of Price
Reductions
|
17.4%
|
+0.8%
|
-4.6%
|
New
Listings
|
378,048
|
-2.3%
|
-9.9%
|
Inventory of Active
Listings
|
636,606
|
-21.9%
|
-51.9%
|
Inventory of Pending
Listings
|
642,581
|
-6.4%
|
+48.8%
|
Time on
Market
|
45 days
|
-8 days
|
-21 days
|
Table 2: October 2021 Housing
Metrics – 50 Largest U.S. Metros
Metro
|
Median Listing
Price
|
Median Listing
Price YoY
|
Active Listing
Count YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market Y-Y
|
Price Reduced
Share
|
Price Reduced
Share Y-Y
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$395,000
|
11.1%
|
-26.6%
|
5.7%
|
37
|
-9
|
18.3%
|
-4.2%
|
Austin-Round Rock,
Texas
|
$550,000
|
32.5%
|
-8.1%
|
15.3%
|
32
|
-14
|
18.5%
|
5.0%
|
Baltimore-Columbia-Towson, Md.
|
$325,000
|
-4.4%
|
-5.0%
|
-2.7%
|
40
|
-3
|
20.6%
|
4.1%
|
Birmingham-Hoover,
Ala.
|
$280,000
|
7.7%
|
-28.5%
|
-5.3%
|
48
|
-3
|
15.2%
|
-0.1%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$689,000
|
3.0%
|
-23.4%
|
-19.0%
|
30
|
-3
|
19.2%
|
-1.3%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$225,000
|
4.7%
|
-4.7%
|
10.7%
|
52
|
0
|
17.3%
|
-2.1%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$399,000
|
9.3%
|
-27.9%
|
-5.1%
|
32
|
-11
|
18.0%
|
0.1%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$330,000
|
-4.4%
|
-20.3%
|
-8.6%
|
41
|
-2
|
20.6%
|
0.2%
|
Cincinnati,
Ohio-Ky.-Ind.
|
$310,000
|
0.0%
|
-11.3%
|
-11.0%
|
42
|
3
|
19.7%
|
2.1%
|
Cleveland-Elyria,
Ohio
|
$190,000
|
-5.0%
|
-4.7%
|
0.9%
|
44
|
-3
|
24.3%
|
-1.5%
|
Columbus,
Ohio
|
$290,000
|
-5.0%
|
-3.7%
|
8.7%
|
30
|
-5
|
25.3%
|
-3.4%
|
Dallas-Fort
Worth-Arlington, Texas
|
$398,000
|
11.8%
|
-33.9%
|
-3.5%
|
37
|
-10
|
21.8%
|
-3.9%
|
Denver-Aurora-Lakewood, Colo.
|
$615,000
|
18.3%
|
-27.8%
|
-8.4%
|
28
|
-8
|
22.0%
|
-1.2%
|
Detroit-Warren-Dearborn, Mich.
|
$245,000
|
-8.9%
|
-7.2%
|
1.0%
|
32
|
-6
|
19.6%
|
2.1%
|
Hartford-West
Hartford-East Hartford, Conn.
|
$330,000
|
10.0%
|
-57.1%
|
-30.2%
|
40
|
-1
|
13.0%
|
5.3%
|
Houston-The
Woodlands-Sugar Land, Texas
|
$360,000
|
7.9%
|
-20.0%
|
-1.6%
|
45
|
-7
|
19.6%
|
0.8%
|
Indianapolis-Carmel-Anderson, Ind.
|
$275,000
|
0.0%
|
-24.9%
|
5.1%
|
38
|
-5
|
30.5%
|
-7.1%
|
Jacksonville,
Fla.
|
$370,000
|
16.3%
|
-27.8%
|
10.3%
|
38
|
-17
|
18.5%
|
3.2%
|
Kansas City,
Mo.-Kan.
|
$325,000
|
-1.5%
|
-6.1%
|
-11.3%
|
46
|
-1
|
20.2%
|
-0.6%
|
Las
Vegas-Henderson-Paradise, Nev.
|
$439,000
|
27.2%
|
-31.5%
|
-6.1%
|
31
|
-10
|
19.2%
|
-2.8%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$975,000
|
-2.0%
|
-25.3%
|
-17.9%
|
49
|
0
|
13.3%
|
-2.5%
|
Louisville/Jefferson
County, Ky.-Ind.
|
$250,000
|
-3.1%
|
-3.7%
|
3.6%
|
31
|
-4
|
24.2%
|
-1.2%
|
Memphis,
Tenn.-Miss.-Ark.
|
$275,000
|
4.3%
|
-10.2%
|
14.8%
|
29
|
-16
|
17.9%
|
-2.9%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$475,000
|
15.9%
|
-47.9%
|
-16.7%
|
62
|
-31
|
13.2%
|
-2.0%
|
Milwaukee-Waukesha-West Allis, Wis.
|
$275,000
|
-8.3%
|
-6.3%
|
2.0%
|
39
|
-3
|
22.0%
|
5.8%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$350,000
|
0.6%
|
-10.5%
|
-14.9%
|
36
|
-1
|
17.8%
|
2.8%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$450,000
|
12.5%
|
-37.1%
|
-9.8%
|
22
|
-10
|
17.4%
|
-1.7%
|
New Orleans-Metairie,
La.
|
$340,000
|
3.3%
|
-16.4%
|
-13.3%
|
75
|
11
|
20.1%
|
-3.0%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$619,000
|
-3.1%
|
-14.9%
|
-18.4%
|
63
|
5
|
14.2%
|
-2.3%
|
Oklahoma City,
Okla.
|
$271,000
|
0.4%
|
-21.5%
|
-2.7%
|
44
|
-4
|
22.0%
|
-3.8%
|
Orlando-Kissimmee-Sanford, Fla.
|
$390,000
|
20.0%
|
-46.5%
|
-9.4%
|
42
|
-17
|
22.8%
|
-5.2%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$320,000
|
-8.3%
|
-1.7%
|
-0.5%
|
49
|
1
|
20.9%
|
3.0%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$485,000
|
16.7%
|
-16.3%
|
0.1%
|
32
|
-4
|
23.4%
|
-4.2%
|
Pittsburgh,
Pa.
|
$226,000
|
-7.9%
|
-10.4%
|
1.7%
|
50
|
-7
|
23.4%
|
3.3%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$550,000
|
7.8%
|
-13.9%
|
8.0%
|
37
|
-12
|
30.7%
|
0.5%
|
Providence-Warwick,
R.I.-Mass.
|
$430,000
|
7.5%
|
-12.7%
|
0.2%
|
35
|
-7
|
13.1%
|
2.2%
|
Raleigh,
N.C.
|
$425,000
|
9.0%
|
-50.7%
|
-15.8%
|
19
|
-30
|
14.9%
|
-3.0%
|
Richmond,
Va.
|
$350,000
|
-1.9%
|
-21.6%
|
-3.2%
|
43
|
-2
|
14.2%
|
2.0%
|
Riverside-San
Bernardino-Ontario, Calif.
|
$549,000
|
16.8%
|
-6.3%
|
-4.1%
|
36
|
-5
|
12.1%
|
2.3%
|
Rochester,
N.Y.
|
$211,000
|
-7.7%
|
-28.5%
|
-11.9%
|
23
|
-8
|
14.5%
|
-1.4%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$595,000
|
8.4%
|
-1.6%
|
-2.5%
|
32
|
-3
|
15.4%
|
3.1%
|
San Antonio-New
Braunfels, Texas
|
$349,000
|
16.4%
|
-24.4%
|
0.3%
|
44
|
-9
|
20.7%
|
0.7%
|
San Diego-Carlsbad,
Calif.
|
$839,000
|
5.6%
|
-26.6%
|
-21.8%
|
47
|
N/A
|
13.5%
|
-2.2%
|
San
Francisco-Oakland-Hayward, Calif.
|
$995,000
|
-5.1%
|
-25.2%
|
-9.4%
|
31
|
-4
|
13.7%
|
-2.8%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,250,000
|
4.3%
|
-31.9%
|
-13.7%
|
34
|
0
|
13.6%
|
-4.4%
|
Seattle-Tacoma-Bellevue, Wash.
|
$680,000
|
8.8%
|
-43.3%
|
-12.2%
|
34
|
-1
|
16.9%
|
-3.8%
|
St. Louis,
Mo.-Ill.
|
$243,000
|
-2.0%
|
-19.3%
|
1.0%
|
50
|
-6
|
20.5%
|
-2.4%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$375,000
|
21.8%
|
-39.9%
|
-12.5%
|
37
|
-11
|
22.8%
|
-2.9%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$314,000
|
-3.4%
|
-17.9%
|
-2.7%
|
30
|
-9
|
10.6%
|
4.4%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$510,000
|
1.6%
|
8.3%
|
-0.9%
|
35
|
-1
|
16.9%
|
4.4%
|
Methodology
Realtor.com® housing data as of
October 2021. Listings include active
inventory of existing single-family homes and condos/townhomes for
the given level of geography; new construction is excluded unless
listed via the MLS.
In this release, price adjustments are defined as home listings
that had their price reduced in October
2021. Listings that had their prices increased during the
month are excluded.
About Realtor.com®
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makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 20 years ago, and today through
its website and mobile apps is a trusted source for the
information, tools and professional expertise that help people move
confidently through every step of their home journey. Using
proprietary data science and machine learning technology,
Realtor.com® pairs buyers and sellers with local agents
in their market, helping take the guesswork out of buying and
selling a home. For professionals, Realtor.com® is a
trusted provider of consumer connections and branding solutions
that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
1 In this release, price adjustments
are defined as home listings that had their price reduced.
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SOURCE Realtor.com