After years of consistently low inventory of houses for sale, the tide may be turning, at least in high-priced markets.
One-third of the 45 largest housing markets across the United States saw a year-over-year increase in listings, according to Realtor.com’s July housing trend report. However, the increase in listings is skewed toward higher priced homes.
Nationally, the number of listings for houses priced above $350,000 rose 5.7 percent from July 2017 to July 2018, compared with a decline of 15.6 percent in the number of homes for sale priced below $200,000. Inventory of homes priced between $200,000 and $350,000 remained flat. The median listing price of $299,000 was 9 percent higher than July 2017.
Prices in markets where inventory is rising average $494,000, compared to $302,000 in markets where inventory is dropping. The increased inventory in expensive markets comes from some construction growth and new listings, but high prices and fast sales are also causing some buyers to hesitate and slow sales in those markets, according to Danielle Hale, chief economist for Realtor.com.
Listings were up 44 percent in the San Jose area in July compared to July 2017 and up 29 percent in Seattle. Other markets with increased number of listings include Providence, R.I.; Portland, Ore.; San Diego; Dallas-Fort Worth; Sacramento; Jacksonville, Fla.; Riverside, Calif.; San Francisco; New Orleans; Boston; Kansas City; San Antonio; New York City; and Tampa.
In the Washington region, listings were down 7 percent in July this year compared with July 2017. The markets with the sharpest decline in inventory were Indianapolis, Milwaukee and Philadelphia, which respectively dropped 26 percent, 16 percent and 12 percent.
For additional real estate market trends data, visit https://realtor.com/research/data.