The lack of inventory has been troubling on the housing market, but a new report shows some areas in the U.S. are seeing an increase in inventory.
Realtor.com released its Monthly Housing Trend report for July 2018, and according to the report, high priced markets saw higher inventories.
“July inventory growth is in high-priced, competitive markets, and often at the pricier end of these markets. 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,” said Danielle Hale, Realtor.com chief economist.
Of the 16 metropolitan areas that increased, the San Jose-Sunnyvale-Santa Clara saw the largest jump with a 44 percent rise in inventory since June 2017. The average home in the metro area stayed on the market for about 26 days with a listing price around $1.2 million.
When looking at national trends, the median listing price in July 2018 was $299,000, which increased 9 percent from July 2017. Homes sold an average of five days faster than July 2017, with about 59 days on the market. While some metro area markets, like San Jose, saw a large increase in inventory, the national average dropped 4 percent since last July.
Inventories for homes priced over $350,000 increased by 5.7 percent nationwide, but homes listed below $200,000 dropped by 15.6 percent. Homes between the high and low prices stayed consistent, only seeing a small drop by 0.6 percent.
The Chicago-Naperville-Elgin metro area was not one of the major metros with inventory increases with a 2 percent drop in inventory since July 2017. The average home price for July 2018 was the same as the national average, $299,000, but homes only stayed on the market for about 46 days.