SANTA CLARA, Calif.,
Oct. 31, 2018 /PRNewswire/
-- National housing inventory grew by 2 percent, or 25,000
listings, in October after four years of severe inventory declines,
according to realtor.com®'s October housing report
released today. New listings that hit the market in October were 8
percent cheaper than existing homes for-sale, which may be an early
indicator that more affordable inventory is on the way for
first-time home buyers.
In October, the U.S. median listing price remained at
$295,000, a 7 percent increase
year-over-year, but lower than last year's 10 percent increase.
Homes continued to sell at a relatively rapid pace of 68 days, five
days faster than last year. New listings grew 4 percent in October
and were on average 8 percent or $25,000 cheaper than existing inventory, and on
average 10 percent, or 190 square-feet, smaller. The fastest
inventory growth was found in condominiums and townhomes, which are
now up 7 percent year-over-year, compared to single family homes
which are up 1 percent.
"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."
For the first time since 2014, the inventory recovery is
spreading and the majority of large markets are seeing more
listings than last year. In October, 26 of the 45 largest markets
in the U.S. saw year-over-year inventory increases, up from 22
markets last month. The five markets that saw the largest inventory
jumps were San Jose, Calif.;
Seattle; San Francisco; San
Diego; and Nashville, Tenn.
all of which posted increases of 32 percent or more. Combined
inventory in the 45 largest markets increased 6 percent
year-over-year on average, higher than the national rate of 2
percent, indicating greater growth in inventory in urban
sectors.
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%
|
About realtor.com®
Realtor.com®,
The Home of Home Search℠, offers an extensive inventory of for-sale
and rental listings, and access to information, tools and
professional expertise that help people move confidently through
every step of their home journey. It pioneered the world of digital
real estate 20 years ago, and today is the trusted resource for
home buyers, sellers and dreamers by making all things home simple,
efficient and enjoyable. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit
realtor.com®.
Contact:
Lexie Puckett
Holbert: lexie.puckett@move.com
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SOURCE realtor.com