California Sees Big Inventory Decrease
The number of homes for-sale has dropped to its lowest point since Realtor.com started collecting such data, and inventories are falling the most in the Golden State. California metros made up all spots in the top 10 of areas posting the largest year-over-year drops in inventories.
Nationwide, inventory levels are down 16.47 percent in January year-over-year, and are less than half the peak of 3.1 million units reached in September 2007, according to Realtor.com’s analysis of the latest MLS data.
The following are the 8 metros that have seen some of the largest inventory declines in the past year, according to the January data:
- Sacramento, Calif.: -67.20%
- Stockton-Lodi, Calif.: -64.56%
- Oakland, Calif.: -64.14%
- San Jose, Calif.: -56.33%
- San Francisco: -46.80%
- Seattle-Bellevue-Everett, Wash.: -44.44%
- Ventura, Calif.: -43.39%
- Los Angeles-Long Beach, Calif.: -41.29%
Meanwhile, the only metros seeing gains in for-sale inventory were Shreveport-Boossier City, La.; El Paso, Texas; and Charleston, W.Va.