According to Realtor.com Markets Still Plagued by Inventory Crunch nationwide, new homes is even lower…
The number of homes for sale is still low in many markets: Supply nationwide in September was at five and a half months; most economists consider a normal level to be six to seven months. The supply of new homes was even lower, at nearly five months, according to realtor.com®’s September National Housing Trend Report.
Inventories Show Signs of Improvements
Strengthening Job Market, Rising Inventories Lift Home Sales
The Real Reason for an Inventory Shortage?
Shadow Inventories Are Quickly Vanishing, Report Says
“To truly relieve the inventory shortage on a sustained basis, new-home construction needs to rise by at least 50 percent from the current levels,” says Lawrence Yun, chief economist for the National Association of REALTORS®.
The following markets have posted some of the biggest drops in listings year-over-year:
Las Vegas: -37.9%
San Jose, Calif.: -36.2%
Columbus, Ohio: -29%
Washington, D.C.: -25%
San Francisco: -23.4%
Meanwhile, in some markets, home buyers have found more choices in the past year. These markets have seen the biggest growth in inventory levels year-over-year:
Orlando, Fla.: +25.8%
Charleston, W.Va.: +20.1%
Nationwide, the median age of inventory fell slightly year-over-year in September due to the reduced number of homes on the market, according to realtor.com®. Homes spent about 90 days on the market in September, three days less than a year ago.
Also, median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year. The median list price in September was $214,900 nationwide.
Donald Horne, Team Success Listing
Associate Broker for Coldwell Banker Shooltz Realty