According to new data from Realtor.com, high-priced local markets around the United States are showing signs of inventory climbing for the first time in months. Since the inventory “turnaround” is concentrated in high-priced markets, the effects of wider availability of housing may not become immediately obvious. This is true for the national market or even for those who are looking for more affordable housing in local markets.
Inventory Climbing by Market
For example, here are the top five largest year-over-year inventory changes in the country’s largest 45 metro areas:
- San Jose-Sunnyvale-Santa Clara (CA): 44% increase in inventory
median list price: $1.2 million
- Seattle-Tacoma-Bellevue (WA): 29% increase in inventory
median list price: $569,000
- Portland-Vancouver-Hillsboro (OR and WA): 19% increase in inventory
median list price: $472,000
- San Diego-Carlsbad (CA): 18% increase in inventory
median list price: $691,000
- Dallas-Fort Worth-Arlington (TX): 15% increase in inventory
median list price: $349,000
In all five markets, the number of days on market still hovers at 40 or fewer, with both San Jose and Seattle posting just under a month.
Danielle Hale, Realtor.com’s chief economist, said, “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.”