Most large markets seeing inventory growth for the first time in 4 years
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It’s been the longest housing inventory decline in history but now appears to have ended.
Realtor.com says that inventory grew nationally by 2% in October (25,000 listings) after four years of decline. And there are signs that first time buyers may get some relief as new listings in the month were 8% cheaper than existing ones.
Although the median home price increased 7% year-over-year to $295,000, the pace was down from 10% a year earlier.
However, the lower cost of homes listed in October was reflective of their smaller size – by 190 square feet on average, or 10%.
"Buyers have been struggling for four years to find homes in their price range, while dealing with bidding wars and multiple offer situations," said Danielle Hale, chief economist for realtor.com. "The inventory increase will not solve the problem overnight, but it should provide some relief to those still in the market, especially if the growth we're seeing in more affordable homes and condos holds steady. However, affordability is still an issue with increasing mortgage rates and prices keeping many would-be buyers on the sidelines."
Major markets showing increased inventory
For the first time since 2014, the inventory recovery is spreading with the majority of large markets seeing more listings than in 2017. In October 26 of the 45 largest markets in the US saw year-over-year inventory increases, up from 22 markets in September.
|
Metro |
Active Listing Count YoY |
New Listing Count YoY |
|
San Jose-Sunnyvale-Santa Clara, Calif. |
130% |
28% |
|
Seattle-Tacoma-Bellevue, Wash. |
60% |
7% |
|
San Francisco-Oakland-Hayward, Calif. |
42% |
17% |
|
San Diego-Carlsbad, Calif. |
41% |
20% |
|
Nashville-Davidson--Murfreesboro--Franklin, Tenn. |
32% |
19% |
|
Portland-Vancouver-Hillsboro, Ore.-Wash. |
22% |
2% |
|
Riverside-San Bernardino-Ontario, Calif. |
19% |
7% |
|
Los Angeles-Long Beach-Anaheim, Calif. |
19% |
18% |
|
Jacksonville, Fla. |
17% |
15% |
|
Dallas-Fort Worth-Arlington, Texas |
15% |
0% |
|
Boston-Cambridge-Newton, Mass.-N.H. |
12% |
14% |
|
Tampa-St. Petersburg-Clearwater, Fla. |
11% |
9% |
|
Houston-The Woodlands-Sugar Land, Texas |
9% |
3% |
|
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
9% |
10% |
|
Detroit-Warren-Dearborn, Mich. |
9% |
12% |
|
Atlanta-Sandy Springs-Roswell, Ga. |
9% |
17% |
|
Miami-Fort Lauderdale-West Palm Beach, Fla. |
8% |
5% |
|
Austin-Round Rock, Texas |
6% |
2% |
|
Orlando-Kissimmee-Sanford, Fla. |
6% |
16% |
|
Hartford-West Hartford-East Hartford, Conn. |
6% |
-3% |
|
Kansas City, Mo.-Kan. |
5% |
2% |
|
San Antonio-New Braunfels, Texas |
4% |
6% |
|
Charlotte-Concord-Gastonia, N.C.-S.C. |
4% |
13% |
|
Raleigh, N.C. |
2% |
-2% |
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. |
1% |
11% |
|
Rochester, N.Y. |
1% |
2% |
|
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
0% |
-6% |
|
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
-1% |
-1% |
|
New Orleans-Metairie, La. |
-1% |
3% |
|
Richmond, Va. |
-2% |
-9% |
|
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
-2% |
0% |
|
Baltimore-Columbia-Towson, Md. |
-2% |
-2% |
|
Washington-Arlington-Alexandria, D.C.-Va.-Md-W.V. |
-2% |
2% |
|
St. Louis, Mo.-Ill. |
-3% |
-2% |
|
Cincinnati, Ohio-Ky.-Ind. |
-3% |
6% |
|
Memphis, Tenn.-Miss.-Ark. |
-3% |
0% |
|
Louisville/Jefferson County, Ky.-Ind. |
-5% |
-6% |
|
Phoenix-Mesa-Scottsdale, Ariz. |
-6% |
-1% |
|
Cleveland-Elyria, Ohio |
-6% |
-2% |
|
Birmingham-Hoover, Ala. |
-9% |
3% |
|
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
-9% |
-6% |
|
Pittsburgh, Pa. |
-10% |
-3% |
|
Oklahoma City, Okla. |
-11% |
-6% |
|
Milwaukee-Waukesha-West Allis, Wis. |
-12% |
-1% |
|
Indianapolis-Carmel-Anderson, Ind. |
-16% |
13% |
