The number of homes for sale in the country is starting to flatten, which realtor.com® researchers say is signaling a “crucial inflection point for the inventory crisis.” Inventory has decreased slightly by 0.2 percent from a year ago, but is poised for an increase in the months ahead due to an 8 percent increase in new listings. This marks the largest annual jump since 2013, according to a new report from realtor.com®.
“After years of record-breaking inventory declines, September’s almost-flat inventory signals a big change in the real estate market,” says 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.”
Properties continue to sell at a fast pace. Homes for sale sold in an average of 65 days, which is four days faster than last year.
But home prices aren’t rising as fast. The U.S. median list price was $295,000 in September, a 7 percent increase year over year, which is lower than last year when 10 percent increases were more 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.