0

DenisTangneyJr/iStock

Sellers in some of the U.S.’s most in-demand areas are looking to turn profits, leading to a large inventory jump in those areas, according to a realtor.com® report released Wednesday.

In the California metro area of San Jose-Sunnyvale-Santa Clara, where the median listing price reached $1.205 million in July, homes took just 26 days on average, while the number of listings rose 44% year-over-year, representing the largest increase in the country.

Seattle and its surrounding suburbs—another hot market—had 29% more homes on the market in July, compared to the same period last year. The median home price there was $569,000, and a home, on average, took about 30 days to sell.

Across the U.S., the median listing price remained at a record high of $299,000 in July. Although it was flat from June, it was a 9% increase on an annual basis.

Meanwhile, U.S. homes sold in an average of 59 days in July, 5 days faster than last year.

Overall housing inventory fell 4% year-over-year in July, but listings above $350,000 were up 5.7%.

Market Snapshot of 20 Largest U.S. Metros
Metro Listing Price Avg. DOM
San Jose, CA 44% $1,205,000 26 days
Seattle, WA 29% $569,000 30 days
Providence, RI 23% $350,000 46 days
Portland, OR 19% $472,000 38 days
San Diego, CA 18% $691,000 35 days
Dallas, TX 15% $349,000 40 days
Sacramento, CA 12% $460,000 37 days
Jacksonville, FL 11% $308,000 61 days
Riverside, CA 10% $391,000 47 days
San Francisco, CA 10% $940,000 29 days
New Orleans, LA 7% $282,000 68 days
Boston, MA 5% $519,000 42 days
Kansas City, MO 4% $272,000 46 days
San Antonio, TX 3% $292,000 52 days
New York, NY 2% $536,000 64 days
Tampa, FL 1% $273,000 58 days
Los Angeles, CA -1% $752,000 39 days
Miami, FL -1% $394,000 90 days
Austin, TX -1% $371,000 50 days
Source: realtor.com

“July inventory growth is in high-priced, competitive markets, and often at the pricier end of these markets,” Danielle Hale, chief economist for realtor.com, said in the report. “It’s not just California markets that have seen an increase in inventory, markets on both coasts and in the South reported inventory increases in July.”

Among the 45 largest metro areas, one-third saw housing inventory up last month, including Providence, Rhode Island, (23%), Dallas (15%), San Francisco (10%), Boston (5%) and New York (2%).

“Although signs of an inventory turnaround are encouraging, whether they mean good news for buyers remains to be seen,” Ms. Hale said. “These areas are seeing more new listings and some construction growth, but high prices and fast-selling homes are causing some buyer hesitation which is reflected in fewer home sales.”

In the 45 largest metros, prices are significantly higher in markets where inventory is rising. The median home price in those markets averaged $494,000 in July, compared to an average price of $302,000 in markets where inventory is falling, according to the report.

The post U.S. Buyers Finding More Choice in High-Priced Areas appeared first on Real Estate News & Insights | realtor.com®.

DISCLAIMER: Many of the pages and articles on this website contain information and excerpts provided by third-parties from around the web; as such, the operators of this website assume no liability or responsibility for any of the contents contained herein, or the contents of websites that we may link to. Furthermore, all copyrights belong to their original creator(s). Use of any portion of this website constitutes full acceptance of this disclaimer.

Follow this blog

Get every new post delivered right to your inbox.