Most Markets Still Plagued by Inventory Crunch

By
Real Estate Broker/Owner
https://activerain.com/droplet/4q8h

According to Realtor.com 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 realtor.com®'s September National Housing Trend Report.

Inventories Show Signs of Improvements

Strengthening Job Market, Rising Inventories Lift Home Sales
The Real Reason for an Inventory Shortage?
Shadow Inventories Are Quickly Vanishing, Report Says

"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 realtor.com®. 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.
Source: realtor.com

Donald Horne, Team Success Listing
Associate Broker for Coldwell Banker Shooltz Realty
810-338-0628   donaldhorne.realtor@gmail.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Michigan
Tags:
donald horne realtor
team success listing
real estate
markets
inventory

Spam prevention
Show All Comments
Ambassador
2,758,110
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Good Grief!!

It's OCTOBER!!!

Oct 23, 2014 10:38 PM #1
Rainmaker
1,780,453
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com 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
Rainmaker
1,991,160
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
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
627,080

Donald Horne

Team Success Listing LLC
Lake Orion to Lapeer, Your Local Realtor! Questions?
*
*
*
*

Additional Information