This has been a common theme the last nine months, particulary across Coastal areas in California. The question remains; where is the so called 'shadow' inventory analysts have been talking about that will keep home values low for some time to come. That may be the case in Inland areas across the State, but there is no sign of price errosion in desireable coastal communities. Today building starts were announced to be up 15% this past quarter.
Housing inventory continues to move in one direction: down.
The number of homes for sale in September dropped by 2.2% from August, by 17.8% from last year, and by 34.3% from two years ago, according to data from Realtor.com, a listings website.
Slightly more than 1.8 million homes were listed for sale in September, the third lowest level of the year, behind January and February, which are traditionally the slowest months of the year for home sales.
Inventories have been falling amid stronger demand from home buyers, which is helping to firm up prices. Median asking prices rose by 0.8% in September from August. Inventories are also low because many would-be sellers don’t have enough equity in their homes or aren’t willing to sell at prices that are still down by nearly 30% from their peak six years ago.
Housing inventory continues to move in one direction: down.
The number of homes for sale in September dropped by 2.2% from August, by 17.8% from last year, and by 34.3% from two years ago, according to data from Realtor.com, a listings website.
Slightly more than 1.8 million homes were listed for sale in September, the third lowest level of the year, behind January and February, which are traditionally the slowest months of the year for home sales.
Inventories have been falling amid stronger demand from home buyers, which is helping to firm up prices. Median asking prices rose by 0.8% in September from August. Inventories are also low because many would-be sellers don’t have enough equity in their homes or aren’t willing to sell at prices that are still down by nearly 30% from their peak six years ago.
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