West Coast Inventory Levels Starting to Rise

West Coast Inventory Levels Starting to Rise

October 8, 2018
San Francisco
The number of homes available for sale in major West Coast housing markets dramatically increased last month on an annualized basis after more than six years of a shrinking inventory, according to new data from Redfin.
Of the 170 metro areas tracked by Redfin in a four-week period ending Sept. 30, San Jose recorded an 86.7 percent year-over-year spike in available homes for sale. Five other West Coast metro areas topped the list of the biggest year-over-year upswing in the number of homes on the market: Seattle (53.9 percent), Oakland (28.9 percent), Portland (27.5 percent), San Diego (26.8 percent) and San Francisco (22.5 percent). In comparison, housing inventory levels were virtually flat across the nation.
However, home prices are not showing signs of declining, and the San Jose market might be something of an anomaly. Tina Mancebo, a Redfin agent who works in the San Jose area, noted that “sellers who recently purchased their home putting it back on the market, sometimes without ever moving in,” adding that San Jose sellers “have not changed their expectations and want similar pricing and competitive offer terms that their neighbors achieved earlier in the year. Still, if a home for sale checks all the boxes—condition, location, etc.—it sells quickly.”