The big “blitz” markets—those where prices ran up rapidly in the recovery—are slowing, while others are outpacing the trend.
According to findings from November by realtor.com®, the median national price was up 9 percent year-over-year—a boost from 8 percent last November. However, only eight of the 45 major markets outpaced 9 percent, and many were on the affordable (relatively) side: In Chattanooga, Tenn., prices rose 17 percent year-over-year; in Greensboro-High Point, N.C., they rose 14 percent; and in Milwaukee-Waukesha-West Allis, Wis., they rose 13 percent.
Areas like Austin, Texas, meanwhile, did a U-turn. In Austin, home prices slipped 4 percent year-over-year, according to the data. In San Francisco and San Jose, Calif., they tumbled 1 percent and 4 percent, respectively. Of the 45 major markets, declines were observed in:
- Austin-Round Rock, Texas (-4 percent)
- Dallas-Ft. Worth-Arlington, Texas (-1 percent)
- Jacksonville, Fla. (-2 percent)
- Houston-The Woodlands-Sugar Land, Texas (-1 percent)
- Nashville-Davidson-Murfreesboro-Franklin, Tenn. (-2 percent)
- San Francisco-Oakland-Hayward, Calif. (-1 percent)
- San Jose-Sunnyvale-Santa Clara, Calif. (-4 percent)
- Tampa-St. Petersburg-Clearwater, Fla. (-1 percent)
Additionally, there was a 4 percent expansion in inventory nationally in November, according to realtor.com, with the larger markets, mostly, moving the needle. New listings were up in San Diego, San Francisco and San Jose (17 percent, 15 percent and 19 percent, respectively), as well as Detroit (19 percent) and Los Angeles (15 percent).
“The housing market is ‘A Tale of Two Cities’ as the divergence widens between high-cost, large urban areas and smaller, more affordable markets,” says Danielle Hale, chief economist for realtor.com. “Buyers in larger metros are seeing more homes on the market and listing prices decline, while those in smaller markets continued to see price increases.”
For more information, please visit www.realtor.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.