Real Estate Marketing & Beyond
The number of listings available in real estate markets across the country is beginning to flatten, and experts say it could be a signal for a “crucial inflection point for the inventory crisis”.
According to research published last week by realtor.com, housing inventory across the U.S. has decreased by 0.2 percent in the last year. However, the researchers say this is a promising sign and that inventories could soon rise due to an 8 percent increase in new listings, which is the largest annual jump since 2013.
“After years of record-breaking inventory declines, September’s almost-flat inventory signals a big change in the real estate market,” said Danielle Hale, chief economist for realtor.com. “Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize. But don’t expect the level to jump dramatically. 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.”
Realtor.com notes that houses continue to sell at a very fast pace. The average home sold in just 65 days so far this year, which is four days faster than in 2017.
However, home prices are no longer appreciating quite so fast. According to realtor.com’s data, the U.S. median listing price in September was $295,000, which is up 7 percent from one year ago, but less than in previous years when 10 percent-plus price increases were the norm.
Overall, larger cities are seeing some of the biggest increases in listed properties. Twenty-two of the largest 45 markets saw year-over-year inventory increases in September. The five markets with the largest jumps in For Sale signs were: San Jose, Calif.; Seattle; Jacksonville, Fla.; San Diego; and San Francisco. All five of these markets posted increases of 31 percent or more.
