There are 15.8 percent more homes on the market this year than last year, but whether home shoppers will be able to find one to buy will depend on their budget.
Zillow’s Real Estate Market Reports for October looked at housing inventory across the nation by price tier. In most markets, the share of high-priced homes for sale was growing much more quickly than low-priced homes for sale.
Overall, the housing market is softening. Home values are growing at a slower pace. The U.S. Zillow Home Value Index is up 6.4 percent from October 2013, its slowest annual pace of growth in more than a year.
That’s good news for buyers. Zillow Chief Economist Dr. Stan Humphries said he expects to see demand for lower-priced homes grow as more millennials prepare to buy. But in markets around the country, buyers with a budget on the low end for their metro are likely to find tight inventory.
In a majority of markets, the share of homes in the upper price range was growing faster than the share in the lower price range. In Dallas, Atlanta, Phoenix and Nashville, there were at least two times more homes for sale priced in the top third of the market than in the bottom third.
To dive into our recently released October Real Estate Market Reports, visit Zillow Research.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.