More than 465,000 new listings of homes for sale were posted in September, an eight percent year-over-year increase and the largest upturn in new listings since 2013, according to new data from Realtor.com
. Despite this increase in listings, September’s inventory level was only 0.2 percent below the level from one year ago.
Single-family home inventory recorded a one percent annualized decline last month, while the condominiums and townhomes market saw its inventory up by three percent year-over-year. During September, 22 of the 45 largest markets saw year-over-year inventory increases. The combined inventory in the 45 largest markets totaled a 5.6 percent year-over-year on average, the largest yearly increase since Realtor.com began tracking this data in 2013.
"After years of record-breaking inventory declines, September's almost flat inventory signals a big change in the real estate market," said Danielle Hale, Chief Economist for Realtor.com. "Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize. But don't expect the level to jump dramatically. Plenty of buyers in the market are scooping up homes as soon as they're listed, which will keep national increases relatively small for the time being."