Realtor.com® Names Top 10 Markets for First-Time Home Buyers for 2014 Home Buying Season

SAN JOSE, Calif., -- Realtor.com®, a leader in online real estate operated by Move, Inc. (NASDAQ:MOVE), today released the Top 10 Markets for First-Time Home Buyers for the upcoming home buying season. Markets that made the 2014 list by rank include: Pittsburgh, PA; Tampa-St. Petersburg-Clearwater, FL; Philadelphia, PA; Fort Worth-Arlington, TX; Orlando, FL; Jacksonville, FL; Dallas, TX; Raleigh-Durham-Chapel Hill, NC and Phoenix-Mesa, AZ.

"As we head into home buying season, these markets show favorable conditions for first-time buyers, which is encouraging because these buyers are crucial to the housing market," said Steve Berkowitz, CEO of Move, Inc. operator of realtor.com. "First-time buyers have a widespread impact on the local housing markets. In transitioning from renters to owners, new buyers pay property taxes and other fees and taxes associated with homeownership that benefits local schools and services."

Top 10 Markets for First-Time Home Buyers by Rank

MSA	Median Listing Price	YOY % Change	MOM % Change	Total Listings	YOY % Change	MOM % Change	Median Age of Inventory	YOY % Change	MOM % Change	Un-employm ent rate
Pittsburgh, PA	$135,000	0.00%	1.58%	11,026	-3.21%	-0.38%	128	1.59%	2.40%	5.70%
Tampa-St. Petersburg-Clearwater, FL	$169,900	13.34%	0.53%	21,062	33.96%	2.90%	88	-1.12%	-5.38%	5.90%
Philadelphia, PA-NJ(NJ)	$174,900	0.00%	1.39%	10,656	2.19%	2.98%	141	-1.40%	-3.42%	6.40%
Fort Worth-Arlington, TX	$175,000	3.61%	0.06%	8,433	7.44%	15.54%	67	0.00%	-19.28%	5.40%
Orlando, FL	$191,900	12.95%	1.00%	13,425	49.17%	4.33%	81	12.50%	-5.81%	5.50%
Jacksonville, FL	$198,000	1.59%	1.59%	9,787	25.47%	2.99%	95	5.56%	-5.94%	5.60%
Philadelphia, PA-NJ(PA)	$219,000	1.86%	2.82%	21,909	-4.72%	1.78%	121	5.22%	-0.82%	6.40%
Dallas, TX	$224,900	12.45%	2.23%	15,887	10.28%	18.72%	57	1.79%	-25.97%	5.40%
Raleigh-Durham-Chapel Hill, NC	$227,500	5.81%	1.11%	9,435	-0.99%	6.68%	98	4.26%	-7.55%	4.90%
Phoenix-Mesa, AZ	$244,900	13.96%	2.04%	23,654	45.34%	9.02%	59	13.46%	-20.27%	6.20%

Market dynamics play a major role in the level of stress taken on by buyers, especially to buyers new to the process. In this report, realtor.com® examined five key factors including market popularity, prices, inventory, time on market and employment, to see which markets currently are the best for new buyers.

1. Location, location, location: Market popularity is an important consideration for first-time buyers. It is common for owners to become "move up" buyers and purchase a larger home a few years after a first home purchase. Buying a home in popular markets increases the likelihood of making money on a first home.   
2. Affordable list prices: One of the biggest barriers to homeownership is affordability. Home owners not only have to be able afford a monthly mortgage payment, but have enough saved for a down payment. Less expensive homes are typically a better fit for first-time buyers as they require less of a down payment and have lower monthly mortgage payments.
3. Supply of inventory: Inventory shortages can often spark bidding wars between buyers where investors or buyers with more income can price out first-time buyers. Markets with a steady supply of inventory are less likely to involve bidding wars. 
4. Reasonable time on market: Median age of inventory is a clear indicator of demand in a market. High demand is another factor that prompts bidding wars and makes it difficult for first timers to get the home of their dreams.  Additionally, first-time home buyers should consider the specific amount of time a home that has been on the market, they may have an opportunity for a better deal as sometimes sellers are required to price homes more competitively in order to close.
5. Steady employment: Unemployment rates affect all aspects of the economy, including first-time buyers. In order to pay for their mortgages, new buyers need to work and hold steady jobs in markets that support their job.