The inventory of for-sale homes has been on the rebound over the past decade, and CoreLogic is reporting that the number of homes for sale in March 2019 was at a 4.1-month supply.
That figure is an increase from the 3.4-month supply in March 2018.
CoreLogic states there was a 4.4-month’s supply of homes in the low-price tier, which is an increase from 3.8 months in March 2018. The low-to-middle price tier had a 3.1-month supply, an increase from 2.7 months last year.
Also seeing increase were middle-to-moderate prices, rising from 3.3-months of supply from 2.7, and high-price homes, rising to 4.9 months in March.
The report also states homes are not lasting long on the market, as 23.2% of homes sold in March were on the market for fewer than 30 days, which is down from the peak of 26.2% in May 2018. March’s number is nearly double the pre-crisis peak of 14.6% in September 2005.
Miami led the nation in available inventory at 10.9 months of supply in March, which is an increase from 8.5 months in March 2018. The national average for inventory increased 6.8% year-over-year in March, with the supply at 4.1 months in March 2019. Nineteen out of the 20 Core Based Statistical Areas reported increases in months’ supply compared to 2018.
The National Association of Realtors (NAR) in April reported an increase in total housing inventory, increasing to 1.83 million from 1.67 million in March, which is a 1.7% increase year-over-year.
Unsold inventory was at a 4.2-month supply, which is up from 3.8 months in March.
“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” said Lawrence Yun, NAR Chief Economist.
A recent report by CoreLogic found that while increasing, home inventory numbers continue to be at historic lows.
CoreLogic’s report stated that inventory of homes for sale increased in March with 4.5 months’ supply of homes, which is historically one of the lowest numbers recorded.