A recent report by Realtor.com noted that current home listings in the San Jose-Sunnyvale-Santa Clara area of California rose by 44 percent year-over-year, the country’s largest increase.
In Seattle and its suburbs,there were 29 percent more homes on the market this July than last July.
Other cities that saw large inventory increases were San Diego at 18%, Dallas at 15%, Boston at 5% while New York saw only a 2% increase. Los Angeles and Miami both saw slight decreases of 1% each.
The median listing price hit a record high in July at $299,000, a 9% increase year-over-year, and homes in the country were on the market for an average of 59 days —5 days longer than in the year prior period.
Housing inventory overall dropped by 4% year-over-year going back to 2017 however inventory for houses priced above $350,000 rose by 5.7%. [Mansion Global]
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