Things may be slowing down for real estate markets across the nation, but sellers are still at an advantage as inventory drops to record lows.
According to Zillow’s Weekly Market Report for the week ending Oct. 3, the buying frenzy may be coming to a close. Total for-sale inventory decreased 1.2 percent WoW, now 5.7 percent lower than last year—the largest annual decline since Zillow’s weekly data series began in 2019.
The following of the country’s 50 largest metros have experienced the biggest inventory drops: Riverside (48 percent), Salt Lake City (47.3 percent) and Memphis (47 percent). As of Oct. 3, new inventory is down 18.1 percent YoY and 0.6 percent WoW.
Prices, however, are holding strong. The median list price increased slightly over the previous week, according to Zillow, to $345,225—now standing 10.9 percent over last year’s number. This is the largest YoY increase since at least 2019, states the report.
“The consequences of months of tightening inventory are being felt keenly by the nation’s housing market in the form of jaw-dropping price appreciation this fall,” said Zillow Senior Economist Jeff Tucker. “Our data on closed sales show sellers within a hair’s breadth of double-digit year-over-year appreciation, an outcome almost unthinkable after prices stalled out in the depths of nationwide lockdowns this spring. Strong price growth seems poised to continue into the near future as buyers battle to outdo each other, bidding on a record-small pool of homes for sale.”
For more information, please visit www.zillow.com.