SAN FRANCISCO, Calif. (KRON) – Some good news for home buyers, housing inventory is rising.
According to Zillow, people in the market for a new home are seeing more options popping up in their searches.
KRON4’s Michelle Kingston reports the demand for homes remains strong and prices continue to stay high.
Inventory rose by more than 3% across the United States for the second straight month in a row and that includes right here in the Bay Area.
“I think that wild west kind of market has settled down slightly, so I think we are seeing a better opportunity for buyers right now,” said realtor Jessica Lopez.
The housing market may be on the road to rebalancing after a long, crazy year of low inventory.
“The markets shifted a little bit. We are seeing a little increase in inventory. Average days on market has increased for the higher-priced points, so about 14-17 days on market versus maybe 5 days a few months ago. Things are still going pending at asking if not over even with that increase in time.”
In the San Francisco metro area, inventory is up 3.2% from May and up 15% since this time last year.
The typical home is now worth $1.2 million dollars up 15.4% since June of 2020.
And in the San Jose metro area, inventory is up 1.6% from May and up 19.4% since last year. The typical home is now worth 1.4 million, up 16.9% since this time last year.
“The anomaly there is that home prices are still really high in this market even though we have this growing inventory which isn’t what we necessarily see going on at the same time,” said Zillow economic Data Analyst Nicole Bachaud.
“I feel like if COVID taught us anything it’s that we can’t predict what this market is doing, but I do think that things are leveling out again to be a little bit more fair,” Lopez said.