Cooling West Coast housing markets tilt field back toward buyers

National /
Mar.March 12, 2019 02:30 PM

Houses in Seattle (Credit: iStock)

Buyers looking for homes in cities like Seattle, San Jose and Oakland this spring will have more negotiating power than they did during previous years, thanks to surging inventory tugging prices down across the western United States.

Home sales hit 11-year lows in Southern California and in the San Francisco Bay area in January, and prices in the Denver and Portland areas fell this year for the first time since 2012, according to Bloomberg.

And in King’s County around Seattle, home prices fell by about 3 percent per square foot, the first year-over-year decline since 2012, Redfin data show. And between January 2018 and 2019, Seattle-area sellers cut the prices on about one-sixth of homes, twice the rate of the prior 12-month period, according to Trulia.

Seattle-area home inventory in February more than doubled year over year, forcing sellers to accommodate a buyer pool suddenly replete with options, per Redfin data. During the same period, inventory spiked 82 percent in San Jose, 41 percent in Oakland and 37 percent in Portland and Denver.

Across the country last year, home inventory jumped by 6.4 percent and sales dropped by 11 percent as the national market continues to cool, according to a Re/Max report last month.

[Bloomberg]Alex Nitkin


Related Articles

arrow_forward_ios
Toni Preckwinkle (Getty)

Cook County provides $1M to limit evictions, foreclosures

Cook County provides $1M to limit evictions, foreclosures
1247-1249 W. Madison Street (Photos via @properties)

Dwelle Properties pays $33M for West Loop mixed-use complex

Dwelle Properties pays $33M for West Loop mixed-use complex
Plaza on DeWitt, 260 E. Chestnut Street

Downtown condo ponders mask mandate, big penalties

Downtown condo ponders mask mandate, big penalties
Homebuyers have flocked to Bronzeville (Credit: Google Maps)

Chicago homebuyers head to Bronzeville for more space

Chicago homebuyers head to Bronzeville for more space
Home sales and prices soared in the Chicago area last month

Chicago area home sales, prices soar for first time in years

Chicago area home sales, prices soar for first time in years
Penny Pritzker and North Kenmore Avenue (Credit: Google Maps)

Office of Penny Pritzker picks up Lincoln Park mansion

Office of Penny Pritzker picks up Lincoln Park mansion
211 N Harbor Dr in Lakshore East (Redfin; iStock)

Supply glut may set downtown home market back a year

Supply glut may set downtown home market back a year
Robert Reffkin and Fran Broude (Getty, Linkedin, iStock)

Compass taps ex-Coldwell exec to oversee Chicago growth

Compass taps ex-Coldwell exec to oversee Chicago growth
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...