Despite an uptick in demand, housing inventory continues to defy expectations as inventory held steady for another week, according to the latest data from Altos Research.
- Single family homes on the market held at 410,000, unchanged from last week and still down 16.0% from the start of the year. These are the lowest levels we have seen since June of 2022.
- Home price reductions are now under 30% and getting close to 2019 levels.
Price. The median price of single family home rose slightly to $439,900, up 0.3% from last week and now up 9% from the start of the year ($405,000).
New Listings. New listings continue to remain 18% below last year. Mike Simonsen, CEO of Altos Research, says with 25% of new listings under contract within days of the listing there is “plenty of demand for the existing supply.”