Inventory of homes for sale surges in the West

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Real Estate

But not because more people are listing their homes; the number of homes for sale is building up as fewer homes sell year over year. San Jose and San Francisco, however, are seeing more new listings hit the market.

After more than six years of tight supply and surging prices, the third quarter of 2018 has been a turning point for the housing market in many major West Coast metro areas, where the number of homes for sale has increased dramatically from a year ago.

San Jose, California experienced the largest year-over-year supply increase across 170 U.S. metros for the four-week period ending September 30. In San Jose, the number of homes for sale was up 86.7 percent compared to a year earlier when just over 1,200 homes were on the market. Five other West Coast metro areas were at the top of the list of the biggest increases in the number of homes on the market: Seattle (53.9%), Oakland (28.9%), Portland (27.5%), San Diego (26.8%), and San Francisco (22.5%). Meanwhile, inventory was virtually flat nationwide.

Just a year earlier, inventory in all of these markets was rapidly declining, with double-digit year-over-year decreases in every market but Portland, where the number of homes for sale fell by just 4.7 percent.

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