Housing inventory on the rise in some areas

Housing inventory on the rise in some areas

Housing inventory on the rise in some areas
As more sellers come back to the market after a month's long retreat due to the pandemic, the volume of homes for sale is climbing in some regions. According to data from Realtor.com’s Weekly Housing Report, more homeowners listed their properties for sale last week than the week prior. Nonetheless, total housing inventory is down 38 percent compared to a year ago.

Sharp increases in sales prices are luring more homeowners into selling their properties and demand from buyers has those homes selling in near record time. Housing inventory levels have either improved or remained flat for the last four weeks after seeing months of sharp declines in the early days of the pandemic.

In San Diego, total listings remain 25.3 percent down from last year’s levels while the median list price has risen 12 percent over the same period of time.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.