Inventory – and prices – rise

Market News

While housing inventory remains extremely low compared with the pre-pandemic years (2017-2019) – down 37.8%, there is some good news for homebuyers.

Listings increased in November in 20 of the 50 largest metro areas compared with 2022. Leading the way were Memphis, TN (+25.1%), New Orleans (+25.0%) and San Antonia(+19.7%).

In the not-so-good news side of things, prices are rising as well led by Los Angeles (+23.1%), Richmond, VA (+16.4%), and Cleveland (+12.7%).

Slowing demand, prices decline … slightly

Green Escrow | Real Estate News

According to Redfin, the “fastest cooling housing markets” in the U.S. include: San Jose (1), Sacramento (2), Oakland (3), Stockton (5), and San Francisco (10). All were down significantly in pending sales.

Meanwhile, prices dropped slightly: San Francisco at 0.1 percent, San Jose at0.77 percent.

Rising mortgage rates continue to price many homebuyers out of the market. However, analysts say that low inventory will keep prices from dropping signficantly.