The number of homes for sale remains particularly tight out West. Inventories have dropped the most — more than 52 percent compared to a year ago — in Orange County. In Oakland, San Jose, Los Angeles, and Stockton inventories of for-sale homes were down more than 40 percent year-over-year in April, according to the report, which reflects listings from more than 800 multiple listing services nationwide.
With tight inventories, asking prices are on the rise across the country. Nationwide median asking prices rose 2.6 percent in April, and were 3.1 percent higher than last year’s levels. Median list prices in May edged up 2.10 percent month-over-month, as housing inventories also were on the rise, creating a greater balance between supply and demand, according to realtor.com’s latest Real Estate Health Report. The nationwide median list price was $199,000 for May, and up 4.79 percent year-over-year. “We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” says Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale.”
California housing markets are seeing some of the highest median price gains. The following 10 markets have seen the highest year-over-year list price gains:
1. Sacramento median list price: $284,900 (up 42.45%)
2. Oakland median list price: $495,000 (up 38.27%)
3. Detroit median list price: $125,000 (up 31.73%)
4. San Jose median list price: $679,000 (up 30.58%)
5. Los Angeles-Long Beach median list price: $428,000 (up 27.80%)
6. Fresno median list price: $219,900 (up 27.48%)
7. Phoenix-Mesa median list price: $235,000 (up 27.03%)
8. Stockton-Lodi median list price: $199,750 (up 25.63%)
9. Reno median list price: $235,900 (up 24.23%)
10. Santa Barbara median list price: $775,000 (up 24%)
Buyer demand also remains strong and homes are spending less time on the market. On average, homes were on the market in April for at least 81 days, down 2.4 percent from March and a drop of 11 percent from a year ago.
This news comes at the perfect time for sellers who might have been waiting for their homes to enjoy some much needed equity. If you have been thinking of selling now’s the time to contact your local Realtor expert.
Sheri Aguilar is the president of the Lodi Association of Realtors and can be reached at Sheri@YourLocalAOR.com