Home Inventory Rises

Zillow’s October Real Estate Market Report states that the number of home for sale in the United States increased by 3 percent last month, compared to the same period in 2017. This is the first increase in home inventory in nearly four years.

Many of the country’s hottest markets saw the biggest increase in inventory, led by San Jose where 1,500 were added to the market in Ocotber. San Francisco, San Diego, and Seattle also saw significant increases in homes for sale.

Home value appreciation remained steady in October at 7.7 percent.

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Housing inventory ready to rise?

While housing inventory continued to decrease – down 0.2 percent in the last year – analysts say a turnaround may be coming with up to 8 percent increase in new listings, which would be the largest jump since 2013.

Larger cities are already seeing an in crease in listings with San Jose, Calif.; Seattle; Jacksonville, Fla.; San Diego; and San Francisco posting increases of 31 percent or more.

With inventory still low, houses are continuing to sell at a rapid pace with the average time on the market in the U.S. at 65 days. In the Bay Area, of course, houses sell at a much more rapid rate.

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Unfilled Construction Jobs Slowing Development

One of the prime factors behind high real estate prices is the lack of inventory. And one of the prime factors behind the lack of inventory is the shortage of construction workers. this includes home framers, masons, carpenters, electricians and others.

It is estimated that 900,000 single-family homes will be built in2018 while 1,200,000 are needed to meet demand.

Besides slowing the rate of construction, a lack of workers also means higher costs as subcontractors are increasing their rates by as much as 10 percent this year alone.

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Bay Area Home Sales Up in March; Inventory Still Low

While March generally sees a boost in sales over the winter months – typically around a 45 percent increase – Bay Area home sales had a strong 60 increase in March 2017.

Prices increased 10 percent on a year-over-year basis and competitive bidding resulted in an increase in the number of homes selling over the asking price.

Inventory remains low, however, with the number of Bay Area homes for sale down nearly 8 percent from March 2016.

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