Housing Inventory Up In High-Priced Markets
THE BREAKDOWN:
One third of the largest 45 U.S. metros saw a yearly increase in inventory in July
U.S. median listing price in July remained at an all-time high of $299,000
Days on market fell to 59 days; down 8 percent YoY
Sixteen local markets reported inventory gains, led by San Jose, Calif,. Seattle and Providence, R.I.
SANTA CLARA, Calif., Aug. 1, 2018 /PRNewswire/ -- Realtor.com® today released its July 2018 monthly housing trend report, which revealed a quiet inventory turnaround in high-priced local markets as U.S. home prices and time on market continued to set records. Silicon Valley is leading the rebound as the San Jose metro surged with 44 percent more inventory than a year ago -- a quick about-face from its May inventory declines.
The inventory turnaround is concentrated in high-priced markets. Nationally, inventory of homes listed above $350,000 is up 5.7 percent, while inventory of homes below $200,000 is down 15.6 percent, and inventory of homes between $200,000 to $350,000 is virtually flat, slipping just 0.6 percent. In the 45 largest metros, prices are significantly higher in markets where inventory is rising -- an average of $494,000 -- compared to markets where inventory is still dropping -- an average of $302,000. Additionally, inventories are up the most in markets that have seen sustained price growth which is now starting to slow.
