Inventory Watch: Is ‘Big Change’ on the Horizon?
The grip on inventory is loosening, with fresh listings sprouting up and the severity of the shortage starting to unwind, according to findings by realtor.com®.
On an annual basis, there were 8 percent more listings on the market in September, according to data from the site, or over 465,000 new properties. The biggest boosts were out West, in San Diego, San Francisco, San Jose and Seattle, as well as in Jacksonville, Fla.
“After years of record-breaking inventory declines, September’s almost flat inventory signals a big change in the real estate market,” Danielle Hale, chief economist for realtor.com, says. “Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize.”
The competition, however, remains strong. According to realtor.com’s report, the median national price was $295,000 in September, up 7 percent year-over-year—less than the 10 percent growth in September 2017, but significant. Moreover, homes moved in 65 days, or four days quicker than in September 2017.
“Don’t expect the level to jump dramatically,” cautions Hale. “Plenty of buyers in the market are scooping up homes as soon as they’re listed, which will keep national increases relatively small for the time being.”