Left coast, best coast? Homebuyers in LA, Seattle to benefit from growing inventory

The number of homes on the market grew in over half of top 50 US metros: report

National /
Apr.April 15, 2019 09:00 AM
San Jose (Credit: iStock)

Buyers in some of the hottest housing markets may finally have an advantage over sellers as the U.S. housing market continues to cool.

Seattle, Salt Lake City, San Francisco and San Jose, California, reported the biggest gains in inventory in the first quarter, according to Bloomberg, citing Trulia data. In San Jose, inventory rose 55 percent year over year.

Inventory fell nationwide, but grew in over half of the country’s top 50 metros, including in Los Angeles, Denver and Nashville. Even though the number of homes jumped in San Jose during the first quarter, they were only on the market for an average of 57 days.

Meanwhile, the number of listings dropped in less expensive markets, led by Washington, D.C., Baltimore, Kansas City and Oklahoma City.

Buyers pulled away thanks in part to rising mortgage rates last year. Rates recently dropped, but inventory is still piling up.

“West Coast markets were getting slammed — affordability was slipping away from everybody,” Felipe Chacon, a housing economist for Trulia, told Bloomberg. “Now it’s showing signs of shifting back the other way, in favor of buyers.”

Interest rates on 30-year, fixed-rate mortgage loans could stay down for months or even longer if global economic growth remains slow. [Bloomberg] — Katherine Kallergis


Related Articles

arrow_forward_ios
Orange County, CA (iStock)
SoCal home sales prices and volume surge
SoCal home sales prices and volume surge
Affirmed Housing CEO James Silverwood and the development site (Affirmed, Google Maps)
Affordable developer proposes complex in Chatsworth
Affordable developer proposes complex in Chatsworth
Homebuyers across Southern California continue to gobble up properties
SoCal homebuying surge bumps up against low inventory
SoCal homebuying surge bumps up against low inventory
Southern California home sales rose 27 percent in July compared to June
SoCal surge: Home sales rose 27% in July
SoCal surge: Home sales rose 27% in July
City Ventures CEO Mark Buckland and a rendering of one of the townhouses
City Ventures wants to develop complex of townhouses in Commerce
City Ventures wants to develop complex of townhouses in Commerce
There were fewer deals across Southern California in June than any other year
SoCal housing market rebounds in June but still lags far behind 2019
SoCal housing market rebounds in June but still lags far behind 2019
Spencer Rascoff and Nick Daze (Credit: John Lamparski/Getty Images)
Spencer Rascoff-backed rental platform PocketList launches in LA
Spencer Rascoff-backed rental platform PocketList launches in LA
Downtown Los Angeles (Credit: iStock)
Average June rent hike in LA was smallest in 5 years
Average June rent hike in LA was smallest in 5 years
arrow_forward_ios

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

Loading...