The national housing inventory grew by two percent, or 25,000 listings, in October, according to new data from Realtor.com
. This marks the first time in four years that the inventory level increased.
The fastest inventory growth was found in condominiums and townhomes, which are now up seven percent year-over-year, compared to single family homes which are up one percent. The five markets that saw the largest inventory jumps were San Jose, Seattle, San Francisco, San Diego and Nashville, all of which posted increases of 32 percent or more.
The increased volume of new listings in October were eight percent less expensive than existing homes for-sale. During October, the national median listing price remained at $295,000, a seven percent increase year-over-year but lower than last year's 10 percent increase.
"Buyers have been struggling for four years to find homes in their price range, while dealing with bidding wars and multiple offer situations," said Danielle Hale, Chief Economist for Realtor.com. "The inventory increase will not solve the problem overnight, but it should provide some relief to those still in the market, especially if the growth we're seeing in more affordable homes and condos holds steady. However, affordability is still an issue with increasing mortgage rates and prices keeping many would-be buyers on the sidelines."