Inventory on the Rise In December, Virginia Beach experienced an 8.2% increase in active listings compared to the previous year, bringing the total to 749 homes on the market. While this rise in inventory was more modest than the national average of 12.1%, the market saw a remarkable 38.6% year-over-year surge in newly listed homes, with 366 properties entering the scene. This substantial influx signaled a vibrant and dynamic market, teeming with opportunities for sellers to capitalize on increased buyer interest.
In December, Portland's active listing count impressively rose by 3.7% year-over-year, reaching an enticing 2,005 homes. Although this increase in inventory was more modest than the national trend of a 12.1% rise, the city offered a wealth of options for eager buyers. Interestingly, the number of newly listed properties in Portland declined by 20% compared to the previous year, hinting at a fascinating dynamic where existing homes captured the spotlight while fresh listings took a backseat.
Minneapolis experienced a 6.4% rise in active listings compared to December of the previous year, totaling 690 homes. Although this increase was more modest than the national growth of 12.1%, the city still offered a wider array of options for buyers. With just 180 newly listed homes, the year-over-year decline of 14.3% suggested a unique chance for buyers to explore less competition and potentially find hidden gems in this active market.
In December, Kansas City experienced a remarkable increase in active listings, with the count rising by 15.6% year-over-year to 1,588 homes. This surge outpaced the national inventory rise of 12.1%, showcasing Kansas City as a standout market. Despite a 7.3% decrease in newly listed homes from the previous year, totaling 434 new listings, the overall rise in active inventory suggested a dynamic environment ripe with possibilities for eager buyers.
In December, Fresno experienced an impressive swell in active listings, with a 31.4% surge compared to the previous year, reaching a total of 834 homes on the market. This remarkable increase far surpassed the national growth in active listings, which rose by 12.1%. Additionally, the number of newly listed homes in Fresno elevated by 11.3% year-over-year, a stark contrast to a 1.8% decline nationally. This wave of new listings significantly bolstered the inventory levels in the city.
In December, Albuquerque's active listings rose by an impressive 8.3% compared to the same month last year, totaling 1,065 homes. While the national active listing count grew by a higher 12.1%, Albuquerque's inventory expansion was commendable, with 392 newly listed homes marking a 3.2% year-over-year increase. This surge in new listings, against a national decline of 1.8%, highlighted Albuquerque's potential for sellers eager to meet the active demand.
When assessing home price momentum, believes it's important to monitor active listings and months of supply. If active listings start to rapidly increase as homes remain on the market for longer periods, it may indicate pricing softness or weakness. Conversely, a rapid decline in active listings beyond seasonality could suggest a market that is heating up. Since the national Pandemic Housing Boom fizzled out in 2022, the national power dynamic has slowly been shifting directionally from sellers to buyers.
The number of listings on the market shrank 2.4% from last month, which is a smaller decrease than normal for this time of the year in Milwaukee, and homes are also selling slower than at the same time last year. Home prices in Milwaukee Typically, home price per square foot in Milwaukee tend to fall in November. And the most recent data shows that the price per square foot decreased by 1.6% compared with the month before.
In November, home prices remained unchanged from the month before, with a median listing price of $345,000. The number of listings on the market shrank 5.4% from last month, which is a bigger decrease than normal for this time of the year in Fort Worth, and homes are also selling slower than at the same time last year. Typically, home price per square foot in Fort Worth tend to rise in November. And the most recent data shows that the price per square foot remained practically unchanged compared with the month before.
In markets like Washington, D.C., Virginia Beach, Oklahoma City and Baltimore, where many households rely on federal employment, we're seeing buyers take a brief step back as uncertainty persists. However, home prices and inventory trends in these areas continue to move in line with broader national and regional patterns, suggesting that the overall market remains steady for now. Federal employment accounts for 11% of the labor force in the D.C. metro area, 7% in Virginia Beach, 4.2% in Oklahoma City and 3.7% in Baltimore.
