By Nick Timiraos
Median list prices rose by 0.7% in April from March to their highest level in nearly one year, even as the number of homes listed for sale stood at levels down nearly 19% from a year ago, according to a report released Wednesday.
Compared with a year ago, median asking prices were up in 72 markets, flat in 14 markets, and down in 60 markets. But compared with the prior month, they were down in just five of those markets, according to Realtor.com.
Asking prices were up by 25% from one year ago in Phoenix, by 15% in Miami, and by 10% in Washington, D.C. Prices were down by 8% in Chicago and Philadelphia. Compared with March, sellers’ prices were up by 7.9% in Minneapolis, by 4.7% in Detroit, and by 4.6% in San Francisco.
Inventories of homes for sale rose by 2% from March but were down from one year ago in all but six of the 146 markets. Inventory fell by 53% in Oakland, by 47% in Phoenix, and by 39% in Atlanta.
Meanwhile, median age of inventory listed for sale in April stood at 84 days, down by 11.6% from one year ago, meaning that homes listed for sale are staying on the market for less time. In Oakland, homes were listed for just 20 days, down by 55% from one year ago, while the median age of inventory in Denver stood at just 32 days.
The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country. They don’t cover all homes for sale, including those that are “for sale by owner” and newly constructed homes that aren’t always listed by the services.