{"id":18535,"date":"2013-10-02T03:00:25","date_gmt":"2013-10-02T10:00:25","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=18535"},"modified":"2013-10-02T03:00:25","modified_gmt":"2013-10-02T10:00:25","slug":"state-of-the-real-estate-market-october-2013","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/state-of-the-real-estate-market-october-2013\/","title":{"rendered":"State of the Real Estate Market October 2013: Here Comes the Inventory"},"content":{"rendered":"

Fall is here\u2014and so is the inventory. While uncharacteristic for this season, Movoto Real Estate<\/a>\u2019s latest State of the Real Estate Market report confirms that inventory is up nationwide for the fifth straight month, nearly to the level it had attained in September 2012. There were 105,726 homes on the market in September, as opposed to 101,086 in August, an increase of 4.6 percent.
\nAs we noted in last month\u2019s report<\/a>, this increase is not ordinary following the traditionally more active home buying months of the summer. In fact, inventory has been on a steady climb all summer, the first time it has seen a sustained increase since beginning a consistently downward trend in the fall of 2010.
\nGiven this data, we anticipate year-over-year inventory to enter into positive territory in October\u2014the first time it has done this in 2013. Thirteen of the 38 markets we survey actually saw a year-over-year increase in inventory this September as compared to September 2012.
\nWhile inventory is up, the median list price per square foot has been more or less flat month-over-month at $180, up only $1 or 0.6 percent from August. Sellers are so far holding firm on their pricing strategies as we enter the slower months for home buying, and are likely expecting to see higher sale prices than we encountered last fall. This is due to the fact that the year-over-year median list price per square foot was up 12.6 percent from $160 to $180.<\/p>\n

How This Report Is Made<\/h2>\n

In building Movoto\u2019s monthly State of the Real Estate Market report, we look at 38 geographically diverse cities in order to determine average inventory levels and price per square foot. In addition, we further break down this data on a month-over-month and year-over-year basis. The data used comes from each city\u2019s Multiple Listing Service.<\/p>\n

List Price Per Square Foot<\/h2>\n

Year-Over-Year<\/h3>\n

Compared to September 2012, the median list price per square foot for September 2013 was up 12.6 percent, from $160 to $180. Increases in the price per square foot were seen in 35 of the 38 cities we survey.
\n
\nThe three cities that saw the largest increase in price per square foot year-over-year were:<\/p>\n