More Than 200,000 New Listings Are Missing From U.S. Housing Market, According to Realtor.com® February Housing Report
SANTA CLARA, Calif., March 4, 2021 /PRNewswire/ -- February's extreme weather throughout the U.S. exacerbated the housing market's inventory woes, pushing the pace of new listings coming onto the market further behind pre-pandemic levels, according to the realtor.com® Monthly Housing Trends Report released today. Unless the trend reverses itself, buyers will be in for a much more competitive homebuying season than last year.
"Last month's record cold and snowstorms likely caused sellers to hit pause, even if only temporarily," said realtor.com® Chief Economist Danielle Hale. "However, in today's inventory-starved market, any setback is significant. Unless we see some big improvements in the new listings trends over the coming months buyers can expect stiff competition. And unlike last spring, buyers may also face affordability challenges as home prices and mortgage rates increase. Market dynamics continue to favor sellers."
According to realtor.com® data,
Severe winter storms across the U.S. drive inventory down further
The number of homes for sale in the U.S. in February was down
Housing inventory in the 50 largest U.S. metros declined by
Listing prices reach new high
In February, the median national home listing price grew
Listing prices in the nation's 50 metros grew by an average of
At the metro level, Austin, Texas, (+
Buyers need to act fast
The typical home spent 70 days on the market in February, 11 days less than last year. Time on market was even faster in the 50 largest U.S. metros where the typical home sold in 48 days, 12 days less than a year ago. Homes saw the greatest decline in time spent on the market compared to last year in Austin, Texas (-36 days), Charlotte, N.C. (-28 days) and Portland, Ore. (-27 days).
Metros With the Largest Decline in Newly Listed Homes
Metro | New | Active | Median | Median | Median | Median |
Oklahoma City, Okla. | - | - | -8 | 45 | ||
Kansas City, Mo.-Kan. | - | - | -21 | 74 | ||
Milwaukee-Waukesha-West Allis, Wis. | - | - | -6 | 51 | ||
Cincinnati, Ohio-Ky.-Ind. | - | - | -4 | 62 | ||
Raleigh, N.C. | - | - | -25 | 39 | ||
Nashville-Davidson--Murfreesboro--Franklin, Tenn. | - | - | -9 | 27 | ||
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | - | - | -2 | 43 | ||
Dallas-Fort Worth-Arlington, Texas | - | - | -20 | 37 | ||
Hartford-West Hartford-East Hartford, Conn. | - | - | -22 | 52 | ||
Louisville/Jefferson County, Ky.-Ind. | - | - | -21 | 43 | ||
Indianapolis-Carmel-Anderson, Ind. | - | - | -14 | 67 | ||
Detroit-Warren-Dearborn, Mich | - | - | -6 | 54 | ||
Pittsburgh, Pa. | - | - | N/A | -10 | 87 | |
Jacksonville, Fla. | - | - | -24 | 50 | ||
Cleveland-Elyria, Ohio | - | - | -16 | 66 | ||
Rochester, N.Y. | - | - | 4 | 49 | ||
St. Louis, Mo.-Ill. | - | - | -5 | 84 | ||
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | - | - | -7 | 62 | ||
Providence-Warwick, R.I.-Mass. | - | - | -22 | 44 | ||
Memphis, Tenn.-Miss.-Ark. | - | - | -22 | 57 | ||
Tampa-St. Petersburg-Clearwater, Fla. | - | - | -23 | 39 | ||
Virginia Beach-Norfolk-Newport News, Va.-N.C. | - | - | -18 | 39 | ||
Buffalo-Cheektowaga-Niagara Falls, N.Y. | - | - | -18 | 50 | ||
New York-Newark-Jersey City, N.Y.-N.J.-Pa. | - | - | N/A | 105 | ||
Baltimore-Columbia-Towson, Md. | - | - | -22 | 45 | ||
Atlanta-Sandy Springs-Roswell, Ga. | - | - | -19 | 37 | ||
Richmond, Va. | - | - | -17 | 43 | ||
Orlando-Kissimmee-Sanford, Fla. | - | - | - | -5 | 63 | |
Columbus, Ohio | - | - | -19 | 40 | ||
Austin-Round Rock, Texas | - | - | -36 | 26 | ||
Houston-The Woodlands-Sugar Land, Texas | - | - | -11 | 50 | ||
Riverside-San Bernardino-Ontario, Calif. | - | - | -27 | 34 | ||
San Antonio-New Braunfels, Texas | - | - | -25 | 47 | ||
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | - | - | -14 | 36 | ||
Charlotte-Concord-Gastonia, N.C.-S.C. | - | - | -28 | 37 | ||
Portland-Vancouver-Hillsboro, Ore.-Wash. | - | - | -27 | 32 | ||
Phoenix-Mesa-Scottsdale, Ariz. | - | - | -21 | 27 | ||
Seattle-Tacoma-Bellevue, Wash. | - | - | -13 | 26 | ||
Miami-Fort Lauderdale-West Palm Beach, Fla. | - | - | - | 3 | 91 | |
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W. Va. | - | - | -3 | 36 | ||
Sacramento--Roseville--Arden-Arcade, Calif. | - | - | -20 | 21 | ||
San Diego-Carlsbad, Calif. | - | - | N/A | 76 | ||
Birmingham-Hoover, Ala. | - | - | -18 | 53 | ||
New Orleans-Metairie, La. | - | - | -17 | 63 | ||
Boston-Cambridge-Newton, Mass.-N.H. | - | - | -18 | 38 | ||
Las Vegas-Henderson-Paradise, Nev. | - | - | -2 | 45 | ||
Los Angeles-Long Beach-Anaheim, Calif. | - | - | 1 | 67 | ||
Denver-Aurora-Lakewood, Colo. | - | - | -15 | 23 | ||
San Francisco-Oakland-Hayward, Calif. | - | 5 | 23 | |||
San Jose-Sunnyvale-Santa Clara, Calif. | -5 | 17 |
*Some data for Pittsburgh, New York, and San Diego has been excluded due to data quality.
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