Inventories of homes for sale have increased 10 percent year-over-year, signaling growing seller optimism and a strong start to the spring home-buying season, according to realtor.com®’s latest National Housing Trend Report, which tracks 146 markets.
“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we’ve been watching since late last summer,” says Steve Berkowitz, CEO of Move Inc. “Seller confidence is the factor to watch as we head into the spring home-buying season, and these are very encouraging indicators—not only are more homes coming onto the market, but typically we don’t see a rise in asking prices this early into the year. This is the market these sellers have been waiting for.”
Still, realtor.com® notes that inventories are still low by historical standards.
California markets saw some of the biggest rises to inventories. For example, Stockton, Calif., has twice as many homes listed for sale on realtor.com® than it did a year ago, according to the report. Also, Fresno, Bakersfield, Riverside, and Oakland also reported 40 percent or more year-over-year increases in the number of homes for sale.