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Mortgage

Housing inventory more than doubles in these 5 cities

Spoiler: One city even posted an 82.5% increase

Although inventory is still tight, compared to last year, things are looking up for home shoppers, according to a recent survey from Movoto.

Since 2013, housing inventory is up 15.4% year-over-year, with 104,157 homes on the market last month compared to 90,264 the year before. 

And this is a significant improvement compared to the total inventory index between May 2012 and May 2013, which actually witnessed a 22.9% decline.    

The survey looked at 37 geographically diverse cities in order to determine total inventory levels. 

These housing markets with growing inventory reflect last week’s positive housing reports

Here are the top five cities with the greatest inventory changes from May 2013 to May 2014:

5. Sacramento, California 

Sacramento recorded a 61.7% YOY change, increasing to 1,623 from 1,005, a difference of 619 homes.   

California

4. Phoenix 

Rising to 4,688 homes from 2,816, Phoenix ranked fourth on the list, with a 66.5% YOY change. 

3. Fresno, California 

Fresno may be small compared to others on the list, but the city rose to an inventory of 991 in May 2014, compared to 588 a year ago, marking a 68.5% change YOY, with 403 more homes.

2. Las Vegas

Surging in inventory, Las Vegas rose from 3,643 homes in May last year to 6,149 in May 2014, a difference of 2,506 homes and a 68.8% YOY increase. 

Vegas

1. Mesa, Arizona. 

In May 2013, the city’s total inventory sat at 967, but fast forward a year, and it came in at 1,765 homes, a difference of 798 homes and an 82.5% YOY increase.    

 

 

 

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