Housing inventory decreases by 10% in September

housing inventory

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.

- Sponsor -

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.

 

Stay Updated

Get LBM industry trends, data, new products, and best practices delivered to your inbox.