DataMarkets & Economy

Housing inventory rates falling in much of the country, Trulia says

Housing inventory continues to drop in most major metros for the fifth consecutive quarter
  • National starter home inventory fell 10.7 percent, trade-up homes dipped 9.2 percent and premium homes fell 3.6 percent annually in the third quarter of 2016.
  • Florida metros Cape Coral-Fort Myers and Miami came in the top two spots for annual increasing inventory rates, at 36.7 percent and 33.1 percent, respectively.
  • Florida and California each had five cities each on the list of major metros that saw annual inventory increases in Q3 2016.

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Low inventory rates have been putting a damper on the housing market throughout the nation, and these rates continue to drop nationally in the third quarter of 2016, according to a new report. Trulia recently released its Inventory and Price Watch trend report, finding inventory rates have dropped for the fifth straight quarter to near-record lows. The downward trend is the longest such streak since 2012, the report says, and starter homes and trade-up homes are seeing the biggest overall impact. And while starter home and trade-up home inventory dipped 10.7 percentage points and 9.2 percentage points annually in Q3 2016, premium home inventory dipped 3.6 percentage points in the same time frame, also. In the third quarter of 2015, overall inventory was 1,345,634 -- of which 23.4 percent were starter homes, 24.9 percent were trade-up homes and 51.7 percent were premium homes. Today, that inventory sits at a total of 1,254,606, Trulia says, comprised of 23 percent starter ...