A third of 45 largest metros saw yearly increase
Some of the highest-priced US housing markets are seeing a rise in available homes for sale according to an analysis from Realtor.com.
It found that the inventory of homes priced above $350,000 is up 5.7% nationally compared to a year ago, while for those between $200,000 and $350,000 inventory is virtually flat.
The lowest cost homes, below $200,000, have seen a 15.6% drop in inventory in the past year.
In the 45 largest metros, prices are significantly higher in markets where inventory is rising – an average of $494,000 compared to $302,000 in areas where inventory is dropping.
The median listing price of a US home is up 9% year-over-year to $299,000, unchanged from June. Homes sold 5 days faster than last year at 59 days on market.
San Jose leads inventory gain
Leading the rebound in inventory are San Jose, posting a 44% rise year-over-year, Seattle (29%) and Providence (23%).
"July inventory growth is in high-priced, competitive markets, and often at the pricier end of these markets," said Danielle Hale, chief economist for realtor.com. "It's not just California markets that have seen an increase in inventory, markets on both coasts and in the South reported inventory increases in July."
Other major markets that showed gains included Dallas (15%), San Francisco (10%), Boston (5%), and New York (2%).
"Although signs of an inventory turnaround are encouraging, whether they mean good news for buyers remains to be seen. These areas are seeing more new listings and some construction growth, but high prices and fast-selling homes are causing some buyer hesitation which is reflected in fewer home sales," added Hale.
July Year-over-Year Inventory Change in Largest 45 Metros*
|
Metro |
Active Listing Count YoY |
Median Listing Price |
Avg. Median Days on Market |
|
San Jose-Sunnyvale-Santa Clara |
44% |
$1,205,000 |
26 days |
|
Seattle-Tacoma-Bellevue |
29% |
$569,000 |
30 days |
|
Providence-Warwick |
23% |
$350,000 |
46 days |
|
Portland-Vancouver-Hillsboro, Ore., Wash. |
19% |
$472,000 |
38 days |
|
San Diego-Carlsbad, Calif. |
18% |
$691,000 |
35 days |
|
Dallas-Fort Worth-Arlington |
15% |
$349,000 |
40 days |
|
Sacramento--Roseville--Arden-Arcade, Calif. |
12% |
$460,000 |
37 days |
|
Jacksonville, Fla. |
11% |
$308,000 |
61 days |
|
Riverside-San Bernardino-Ontario, Calif. |
10% |
$391,000 |
47 days |
|
San Francisco-Oakland-Hayward, Calif. |
10% |
$940,000 |
29 days |
|
New Orleans-Metairie, La. |
7% |
$282,000 |
68 days |
|
Boston-Cambridge-Newton, Mass.-N.H. |
5% |
$519,000 |
42 days |
|
Kansas City, Mo.-Kan. |
4% |
$272,000 |
46 days |
|
San Antonio-New Braunfels, Texas |
3% |
$292,000 |
52 days |
|
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
2% |
$536,000 |
64 days |
|
Tampa-St. Petersburg-Clearwater, Fla. |
1% |
$273,000 |
58 days |
|
Los Angeles-Long Beach-Anaheim |
-1% |
$752,000 |
39 days |
|
Miami-Fort Lauderdale-West Palm Beach |
-1% |
$394,000 |
90 days |
|
Austin-Round Rock, Texas |
-1% |
$371,000 |
50 days |
|
Detroit-Warren-Dearborn |
-1% |
$253,000 |
38 days |
|
Chicago-Naperville-Elgin, Ill.-Ind,-Wis. |
-2% |
$299,000 |
46 days |
|
Raleigh, N.C. |
-3% |
$348,000 |
57 days |
|
Houston-The Woodlands-Sugar Land, Texas |
-3% |
$323,000 |
53 days |
|
Rochester, N.Y. |
-3% |
$188,000 |
40 days |
|
Charlotte-Concord-Gastonia, N.C.-S.C. |
-4% |
$340,000 |
52 days |
|
Memphis, Tenn.-Miss.-Ark. |
-5% |
$211,000 |
48 days |
|
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
-6% |
$285,000 |
56 days |
|
St. Louis, Mo.-Ill. |
-7% |
$210,000 |
51 days |
|
Baltimore-Columbia-Towson, Md. |
-7% |
$325,000 |
50 days |
|
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V. |
-7% |
$448,000 |
41 days |
|
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
-7% |
$190,000 |
41 days |
|
Atlanta-Sandy Springs-Roswell, Ga. |
-8% |
$329,000 |
46 days |
|
Cleveland-Elyria, Ohio |
-8% |
$182,000 |
51 days |
|
Louisville/Jefferson County, Ky.-Ind. |
-8% |
$251,000 |
43 days |
|
Hartford-West Hartford-East Hartford, Conn. |
-9% |
$275,000 |
56 days |
|
Pittsburgh, Pa. |
-9% |
$181,000 |
57 days |
|
Orlando-Kissimmee-Sanford, Fla. |
-9% |
$316,000 |
59 days |
|
Oklahoma City, Okla. |
-9% |
$239,000 |
54 days |
|
Phoenix-Mesa-Scottsdale, Ariz. |
-9% |
$337,000 |
45 days |
|
Richmond, Va |
-10% |
$319,000 |
51 days |
|
Cincinnati, Ohio-Ky.-Ind. |
-11% |
$257,000 |
42 days |
|
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
-11% |
$344,000 |
38 days |
|
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
-12% |
$270,000 |
60 days |
|
Milwaukee-Waukesha-West Allis, Wis. |
-16% |
$257,000 |
41 days |
|
Indianapolis-Carmel-Anderson, Ind. |
-26% |
$272,000 |
45 days |
*Excluded: Denver, Columbus, Las Vegas, Nashville and Birmingham data is under revision and excluded due to MLS feed changes. Adjusted: Washington and Baltimore inventory trends are adjusted to show total listing movement instead of active listing movement due to MLS feed changes. Active listings are non-pending, for-sale home listings.
