Most Markets Still Plagued by Inventory Crunch

Real Estate Broker/Owner

According to Markets Still Plagued by Inventory Crunch nationwide, new homes are even lower...

The number of homes for sale is still low in many markets: Supply nationwide in September was at five and a half months; most economists consider a normal level to be six to seven months. The supply of new homes was even lower, at nearly five months, according to®'s September National Housing Trend Report.

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"To truly relieve the inventory shortage on a sustained basis, new-home construction needs to rise by at least 50 percent from the current levels," says Lawrence Yun, chief economist for the National Association of REALTORS®.

donald horne, realtorThe following markets have posted some of the biggest drops in listings year-over-year:

Las Vegas: -37.9%
San Jose, Calif.: -36.2%
Columbus, Ohio: -29%
Cincinnati: -26.5%
Houston: -25.2%
Washington, D.C.: -25%
San Francisco: -23.4%
Chicago: -22.8%

Meanwhile, in some markets, home buyers have found more choices in the past year. These markets have seen the biggest growth in inventory levels year-over-year:

Honolulu: +27.5%
Orlando, Fla.: +25.8%
Miami: +22%
Charleston, W.Va.: +20.1%

Nationwide, the median age of inventory fell slightly year-over-year in September due to the reduced number of homes on the market, according to®. Homes spent about 90 days on the market in September, three days less than a year ago.

Also, median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year. The median list price in September was $214,900 nationwide.

Donald Horne, Team Success Listing
Associate Broker for Coldwell Banker Shooltz Realty


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Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Good Grief!!


Oct 23, 2014 10:38 PM #1
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

These are some great facts Donald, looks like the markets could use more homes for sale.

Oct 23, 2014 10:42 PM #2
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Donald not sure I agree . I was taught that 0-2.5 months of inventory represented a SELLER'S market . 3-4 months - a balanced or neutral market. 5-8 months a BUYER'S Market. 9 or more months an EXTREME Buyer's Market.

Oct 24, 2014 12:33 AM #3
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Donald Horne

Team Success Listing LLC
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