The number of homes for sale in November saw a 4.9 percent growth from one year ago, according to new data from Redfin
. November’s inventory marks the highest growth level since June 2015 and is the consecutive month that the annualized figure increased.
The number of homes newly listed in November rose 0.3 percent from November 2017. Among the major metro markets with the greatest inventory growth were San Jose (123.2 percent), Seattle (96.5 percent) and Oakland (60.3 percent). However, some markets saw their inventories shrink, most notably Philadelphia (-24 percent), Camden, N.J. (-19.8 percent) and New Orleans (-19.1 percent).
Home-sale prices saw an annualized increase of 3.3 percent in November to a median of $298,800 in November; this marked the third straight month of annual home price gains under four percent after a 77-month-long streak of annual home price gains greater than four percent. Redfin also reported that the number of completed home sales in November fell faster than it has in over two years, down 8.3 percent from one year earlier. Home sales declined in 65 of the 74 largest metro areas that Redfin tracks.
"The tide has turned," said Redfin Chief Economist Daryl Fairweather. "Sellers are now competing for buyers, but they haven't all realized it yet. Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories. We see few signs that buyers are likely to reward their patience."