Buyers continued to have more and more options while shopping in September, according to new numbers out from Realtor.com.
Inventory increased 26.9 percent year-over-year in September, while yearly listing price growth remained in the double-digits. Newly-listed homes were down 9.8 percent year-over-year, a slight improvement over last month’s rate of decline, which was down 13 percent.
The U.S. median listing price was $427,000, up 13.9 percent year-over-year.
“Home prices have been remarkably resilient so far this year, considering the impact that inflation and climbing rates are having on buyers’ budgets. Recent data does show some deceleration in listing prices, and a seasonal pull back that is typical of this time of year. On the flip side, this cooling is likely one reason why fewer sellers entered the market in September,” said Danielle Hale, Chief Economist for Realtor.com. “For homeowners deciding whether to make a move this year, remember that listing prices—while lower than a few months ago—remain higher than in prior years, so you’re still likely to find opportunities to cash-in on record-high levels of equity, particularly if you’ve owned your home for a longer period of time. And for prospective buyers grappling with affordability, you may have more bargaining power than you realize, particularly in areas where time on market is rising.”
Compared to last year, inventory increased in 36 out of 50 of the largest metros, led by markets in the West, up 64.2 percent.