For-sale inventory shrinks at fastest pace in 4 year; Phoenix down 7.8%
Across the country, home shoppers will have 9% fewer homes to choose from than a year ago.
The number of for-sale homes hitting the market is dropping at its fastest pace in almost four years, according to the May Zillow® Real Estate Market Reports. The typical home stayed on the market for just 77 days, the fewest days on Zillow ever reported.
Across the country, home shoppers will have 9% fewer homes to choose from than a year ago, which is the greatest drop in inventory since August 2013 when inventory was down more than 10%.
Columbus, Ohio, San Jose, Calif. and Minneapolis reported the greatest annual declines in the number of homes for sale, with about 30% fewer homes for sale in each market. In San Diego, there are 26% fewer homes on the market than a year ago, and 22% fewer in Seattle. Both San Diego and Seattle have high buyer demand and home value growth of over 6%.
