Competition remains strong in the real estate market, though in many cases it's among sellers, rather than buyers. San Jose, Calif. had the greatest growth of all markets tracked.
The latest listing data finds that the share of new listings grew by 8 percent annually in September 2018, the largest growth since 2013. Realtor.com chief economist Danielle Hale identifies this moment as "a key inflection point," where buyers are able to be more selective in their home search. Meanwhile, the total national inventory for the month ticked down about 0.2 percent. Senior news editor Claire Trapasso says that increased inventory on the market can be attributed in part to sellers who are "betting that we've reached the peak of the market."
And while the median home price, at $295,000, was up 7 percent in September compared with a year ago, the increase in homes hitting the market helped to slow that rise. The median home price in September 2017 was a 10 percent increase over the previous year. The new inventory tended to be a little cheaper, by about $25,000, and about 200 square feet smaller than what was already on the market. That could be due to the 3 percent rise in condo and townhome listings.
