CAMPBELL, CA - While many real estate markets in 2010 experienced extraordinary highs and lows in response to tax credits, low interest rates and price swings, consumer interest in real estate remained consistent. Las Vegas and Los Angeles came in as the first and second most searched markets every month in 2010, while Orlando, San Antonio and Miami vied as the third, fourth and fifth most searched cities respectively. Phoenix, San Diego, Austin, Tampa and Chicago, in that order, held the sixth through tenth positions as the most searched markets in 2010.
The top ten most searched real estate markets in 2010 were established based on the number of visitors that viewed properties in each Metro Service Area (MSA) in the United States from January 2010 to December 2010 on Realtor.com, the #1 homes for sale website operated by Move, Inc., (Nasdaq: MOVE), the leader in online real estate. Realtor.com was the number one most visited real estate website in 2010 in the online real estate website category.
In early 2010, home sales and prices rose throughout the country faster than they had for several years. This was largely in response to the Federal home buyer tax credit for first-time and repeat buyers. After the Federal home buyer tax credit expired at the end of April 2010, sales slowed throughout the country in summer and fall 2010 - even though mortgage rates remained low, and dropped below 4 percent in the fall. List prices and actual sale prices(iv) continued to fluctuate in response to sales, foreclosure, and other trends throughout 2010.
Despite changing market conditions in 2010, the nation's most searched destinations remained remarkably consistent, focusing on the sunshine states of California, Nevada, Florida, Texas and Arizona.
"Online search is a critical measure of interest in real estate, especially now that more than 90 percent of buyers search for their homes online(v)," said Realtor.com President, Errol Samuelson. "As the number one homes for sale website, searches on Realtor.com show us where the highest potential for activity is across the country. Changing conditions throughout 2010 in the sunshine states resulting from foreclosures, the tax credit, interest rates and other factors created more interest in real estate compared to other states that we hope leads to increased activity and sales in 2011."
Each month, Realtor.com displays for sale and for rent properties fed to it from more than 933 multiple listing services (MLSs) across the country. Properties listed on Realtor.com include single family homes, condos, townhomes, co-ops, mobile and manufactured homes, multi-family homes, farms and undeveloped land. Approximately 75 percent of all property listings on Realtor.com are updated every 15 minutes to provide consumers with the most up to date information on price changes, property status changes, sold price information and more. The remaining properties are updated every six to 24 hours.
Realtor.com®, where the world shops for real estate online, is operated by Move, Inc., (NASDAQ: MOVE) and is the official web site of the National Association of Realtors®. Ranked as the #1 homes-for-sale site, Realtor.com® currently offers potential home buyers access to over four million property listings, as well as the most brokers and agents. It also provides Realtors® and the home sellers they represent with the Internet's largest real estate marketplace, reaching more than 10.44 million consumers in December 2010. Agents and companies have the power to customize Realtor.com® resources to maximize their brand and productivity.