Housing inventory decreases by 10% in September

Existing-home sales

A report from Realtor.com shows housing inventory decreased 10% from August to September due to lower mortgage interest rates. The year-over-year gain of 10% demand is met with 4.3% month-over-month price growth, the report says. The median listing price in September was $305,000.

Inventory of homes for sale continued to decline in September, the report says, dropping by 2.5% over the past year. According to Realtor.com analysis, this points to a slight downward acceleration from last month, when inventory fell 1.8% year-over- year. September inventory also declined by 0.2% from August, in keeping with the seasonal trend.

Housing inventory at under $200,000 fell in September, driven by a demand for more affordable homes. Inventory of homes in that range fell 9.8% year-over-year. According to a recent National Association of Home Builders survey, four out of five American households believe the nation is suffering a housing affordability crisis. At least 75% of respondents report this is a problem at the state and local level as well.

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Housing inventory in the $200,000 to $750,000 range, which had been increasing since April of last year, showed no growth over the past year, a trend that is expected to decline into October, the analysis notes.

See more analysis at Realtor.com.


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