Inventory Jump Could be Welcome Relief for Home Buyers
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Inventory Rebounds Amid Record Home Value and Rent Growth
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Zillow : Inventory Rebounds Amid Record Home Value and Rent Growth
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Surge in New Listings Signals Potential Relief for Frustrated Shoppers
Home appreciation breaks new records as demand crush persists, but inventory crunch shows signs of relenting
- Driven by a seasonal rise in new listings, for-sale inventory fell only 1.1% month over month, a marked improvement after three consecutive months of drops around 8%.
- Home values rose 1.2% in March, the largest monthly jump in 25 years.
- Rent recovery picked up steam with the largest monthly rise since 2014.
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1 suggests the inventory crunch bedeviling home searchers may be starting to turn around as record appreciation of home values makes it more enticing to sell. Meanwhile, the recovery of rents is gaining broad momentum and touching double-digit annual gains in hot markets like Phoenix and Riverside.