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.
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“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%
Cincinnati: -26.5%
Houston: -25.2%
Washington, D.C.: -25%
San Francisco: -23.4%
Chicago: -22.8%
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:
Honolulu: +27.5%
Orlando, Fla.: +25.8%
Miami: +22%
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.
Source: realtor.com
Donald Horne, Team Success Listing
Associate Broker for Coldwell Banker Shooltz Realty
810-338-0628 donaldhorne.realtor@gmail.com