Tuesday
September 30, 2014

Inventory Crunch Over? More Sellers Jump In

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Inventory Crunch Over? More Sellers Jump In

Housing inventories were back on the rise in August, relieving many markets that had seen a tight number of homes for sale at the beginning of this year despite rising demand among buyers. More sellers are testing the market as price gains the past year give them more confidence. 

Housing inventories were just 2.5 percent below levels from a year ago, according to realtor.com® in its latest housing report released Thursday, which includes sale listings from more than 800 multiple-listings services nationwide. In February, housing inventories had reached a low point, but are now up more than 24 percent from that time. August marked the sixth consecutive month for increases in inventories. 

Where inventory levels have risen the most since last August:

  • Los Angeles: inventories were up 17.4% from a year ago
  • Atlanta: up 13.9%
  • Orlando, Fla.: up 7.1%
  • Orange County, Calif.: up 6.9%
  • Miami: up 5.1%

Meanwhile, inventories remained constrained in some markets:

  • Detroit: listings were 23.3% below year ago levels
  • Boston: down by 20.1%
  • Denver and San Diego: down 17.9%

Median asking prices held steady in August, holding at $199,900 nationwide, the same median as July's report. Asking prices were up 6 percent from a year earlier. 

Source: “Sellers Test Housing Market Amid Rising Prices,” The Wall Street Journal (Sept. 12, 2013)

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