The Real Deal New York

Homebuyers are seeing glut of inventory in more expensive areas

Strong demand is leading more people in prime areas to try selling their homes
August 03, 2018 12:30PM

Counterclockwise from top: San Jose, Seattle, Boston, and New York (Credit: iStock)

Home inventory is going up in some of the most in-demand areas in the country.

A Realtor.com report found that listings in the California area of San Jose-Sunnyvale-Santa Clara rose by 44 percent year-over-year, the country’s largest increase, according to Mansion Global. In Seattle and its suburbs, there were 29 percent more homes on the market this July than last July.

Other cities that saw large inventory increases were San Diego—18 percent—Dallas—15 percent—Boston—5 percent. New York saw a 2 percent increase, while Los Angeles and Miami both actually saw slight decreases of 1 percent each.

The median listing price was at a record high in July of $299,000, a 9 percent increase year-over-year, and homes in the country took an average of 59 days to sell—five days faster than the year before.

Housing inventory overall still dropped by 4 percent year-over-year, but inventory for houses more than $350,000 rose by 5.7 percent. [Mansion Global]  – Eddie Small