Home inventory dips to 2013 levels
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Market Data
Thursday, October 24, 2019
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There were 102,112 fewer homes on the market in the U.S. during September than there were one year prior, according to a report from Zillow.
According to the Zillow Real Estate Market Report, September’s home inventory dropped 6.4 percent year-over-year. The report said the median home price in September was $231,000, up 4.8 percent from one year ago.
“Housing appears to have renewed its place as a bright spot contributing to continued U.S. economic growth. The return of accelerating quarterly price growth, rising sales numbers and increasing home builder confidence and activity all point to closing out 2019 on a healthy note, despite greater volatility over the course of this year,” Zillow Director of Economic Research Skylar Olsen said in a release.
“A few markets have seen strong re-acceleration – led by Austin (Texas) – and Seattle and Los Angeles are close to reversing the recent fall in home values that have been seen in many formerly hot West Coast markets,” Olsen added. “In contrast, Las Vegas – one of the more unpredictable markets in the country this decade – continues to put on the brakes. The story of the Bay Area metros losing steam after a frenzied period is well-known, but it’s actually Las Vegas that has slowed the most dramatically since June.”
Zillow said new monthly listings were 8.4 percent lower than the previous year in April and 10.6 percent lower in May. The report said inventory has fallen to its lowest level since at least 2013.
During September, U.S. annual home value growth slowed for the ninth consecutive month, falling to 4.8 percent year-over-year – the lowest since April 2013.
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