According to realtor.com’s latest housing report, the largest markets saw a 10 percent increase in inventory compared to a nationwide average of 5 percent as time on market increases, listing price growth slowed and price cuts increased.
The top “25 metros” in realtor.com’s report 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% of listings had a price reduction; time on the market decreased by one day
- Jacksonville: 3% of listings had a price reduction; time on the market increased by one day
- Orlando-Kissimmee-Sanford: 5% of listings had a price reduction; time on the market decreased by four days
- Miami-Fort Lauderdale-West Palm Beach: 3% had a price reduction; time on market increased by one day
Nationwide, homes sold at a pace of 80 days in December – three days faster year-to-year. This rate is decelerating nationwide, 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.”
Nationwide, the percentage of listings that experienced price reductions increased to 15 percent in December, which is an increase from 13 percent a year ago. The nation’s largest markets are driving the increase. In fact, 38 of the 45 top markets saw an increase in the share of price reductions. Topping the list with the share of price reductions growing by 10 percent, from 14 percent last year to 24 percent in December was Charlotte, N.C. It was followed by San Jose (up 10 percent), Tampa (up nine percent), Phoenix (up nine percent) and Seattle (up eight percent).
The median U.S. listing price for realtor.com advertised properties grew seven percent year-over-year to $289,000 in December – lower than last year’s increase of eight percent.
The steepest declines in median listing prices were in San Jose, Calif., and San Francisco, which were down 12 percent ($130,000) and found percent ($33,000). Austin, Texas, Houston, Dallas, Nashville, Tennessee, Charlotte, North Caroline, and Jacksonville, Florida also experienced declines. Selling prices in some of these markets, however, are not yet reflecting these declines.