The housing market is on its way to a broad-based recovery, an accelerated trend since March.
The home buying season shifted into high gear in April as housing inventory and home list prices increased by 4.12% and 2.63% month-over-month, respectively, according to data released by Realtor.com.
As of April, homes remained on the market for 81 days — a decrease of 11% since the same time period last year — highlighting that while new inventory is hitting the market, homes are not available for long, the report explained.
“Due to increased demand for homes and more confidence in the job market — we are beginning to see more and more buyers entering the housing market,” said Steve Berkowitz, chief executive officer of Move.
He added, “Home buying season is off to a strong start, as buyers capitalize on moderate housing prices and snatch up homes quickly. In some markets, we are seeing homes staying on the market for only a few weeks.”
Nationwide, inventory declined year-over-year in all but 11 of the 146 markets monitored by Realtor.com. Additionally, 36 markets registered a decrease in listings of 20% or more, highlighting near record lows of available homes.
Furthermore, 37 markets witnessed a decline in list price since last year, a figure that continues to improve throughout the home buying season, the report said.
For instance, median list prices increased in 109 markets in April.
Meanwhile, the total number of single-family homes, condos, townhomes and co-ops for sale increased to 1.75 million, or 4.12% month-over-month. However, on an annual basis, inventory decreased by 13.5%.
Additionally, the national median list price for single-family homes, condos, townhomes and co-ops increased to $194,900, or 2.63% month-over-month.
Only seven markets throughout the nation experienced a 1% or greater year-over-year increase in housing inventory since April 2012.
The Shreveport-Bossier City, La., market led the pack with a 19.2% increase since last year.
Additionally, California cities continues to dominate the top 10 list of markets with the largest increase in median listing prices throughout the nation.
For instance, Oakland, Calif., experienced the largest year-over-year increase in list price at 46.9%. Additionally, the city continues to lead the nation with the shortest median age of inventory at 15 days.
“These markets were hit the strongest by the housing crisis and are showing a great rebound as the housing recovery picks up steam,” Realtor.com explained.