Housing Inventory Just Hit a 2021 High

September housing report: inventory just hit a 2021 high, which means more choices for fall buyers

New housing data shows inventory hit a 2021 high in September, giving buyers more choices than they have had all year, according to the Realtor.com® Monthly Housing Report released today. Nearly one-third of the 50 largest metros continued to see increases in newly-listed homes compared to last year and in Austin, TexasPortland, Ore.Jacksonville, Fla.; and Washington, D.C., new listings were up more than 10% year-over-year.

“Put simply, this September buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020. Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year,” said Realtor.com® Chief Economist Danielle Hale. “There are fewer homes for sale than last year and less than half as many as two years ago; homes are also selling a lot faster. With new listings in September dipping below last year for the first time in 5 months, next month’s data will yield important clues about whether this setback is going to be temporary or a new trend.”

Inventory holds steady despite the first new-listings dip in 5 months

The U.S. supply of for-sale homes reached a new 2021 high in September, as buyers continued to see steady improvement in the number of active listings compared to earlier this year, the typical seasonal pattern that was notably missing in 2020. The pace at which inventory has been closing-in on the yearly gap slipped in September.

Sellers can still cash in but should check expectations against recent local trends

September data also offered good news for sellers as listing prices remained historically-high nationwide. However, September pricing trends reflected more normal seasonal cooling compared to fall 2020, offering buyers some lower cost options, after the double-digit growth seen from August 2020 through July 2021.

Time on market follows more normal seasonality compared to last fall

In September, homes sat on the market for slightly longer compared to the feverish pace seen over the summer, giving buyers relatively more time to make decisions. Time on market remains faster than in 2019-2020, but is following more typical seasonality compared to 2020 when homes sold fastest during the Fall.

Source: “Realtor.com® September Housing Report: Inventory Just Hit a 2021 High, Which Means More Choices for Fall Buyers,” PR Newswire