Inventory Uptick Signals More Confident Sellers
October 16, 2020
More homes are gradually coming onto the market in a hopeful sign that homeowners may finally be warming up to the idea of selling, according to data from realtor.com®’s latest Weekly Housing Report. An incremental uptick in available inventory is welcome news to home buyers struggling to find a property to purchase. Last week, homes sold a full two weeks faster than the same time period a year ago and were listed for an average of $38,000 more, realtor.com®’s report shows.
“Home sales are shaping up for a record-breaking October,” says Javier Vivas, director of economic research for realtor.com®. “There are so many buyers in the market right now that even the slight improvements we’re seeing in inventory could push the number of homes sold this month near mid-2000s levels. If sky-high prices continue to lure more sellers into the market, it could prompt the inventory rebound we’ve been waiting for—which would be welcome news for frustrated buyers.”
Total inventory is down 38% compared to a year ago. However, last week's numbers mark the fourth consecutive week that the number of homes for sale has stayed even or improved. The number of new listings on the market fell 5% compared to a year ago, also marking an improvement over last week, when new listings were down 7%.
Updated: October 29, 2020