Home Inventory Up 2.1% year-over-year: Increase Expected to Maintain

As of November 4th, housing inventory is greater in 2013 than it was November 4, 2012.  This may come as a surprise, after an aggressive spring and summer market, so I'll say it again.  We have more inventory now than we did a year ago last week.  This will make for the third consecutive week of increased housing inventory.  This indicates a bottoming out of inventory earlier in the year.

According to Calculated Risk Finance, these trends are right in line with what we typically see seasonally - low point of inventory in late December through early January, with a peak in mid-to-late summer.  That said, the "sellers market" we saw earlier this year is now more of a "balanced market".

This graph, compiled by Housing Tracker with the weekly inventory from 54 metro areas from 2010-13, indicates just this.  Most likely, the seasonal decline will be less than normal at the end of this year.  The year-to-year change should continue to increase.

Inventory is still fairly low, but this increase in increases should slow house price increases.

What do these figures mean for you?  Feel free to send me an e-mail or give me a call and I will be happy to discuss with you.