Rising Real Estate Inventory Creates Buyer Opportunities
The housing market has hit a milestone: inventory levels are now at their highest since 2019, including in popular “boomtown” areas. In October, listings rose 29.2% compared to last year, marking a year of steady growth. Realtor.com’s senior economist said that lower mortgage rates could drive even more listings as homeowners consider selling.
Regional and Metro Highlights
- The South led with a 34.0% inventory increase, with the West close behind at 33.6%.In metro areas like Austin, Memphis, and Orlando saw over 25% more inventory.
- San Diego, Seattle, and Denver had significant inventory gains, with San Diego’s listings surging by 63.5%.
New Listings and Pricing Trends
October saw a 4.9% boost in new listings, particularly in the West and Midwest, adding more choices for buyers.
Extended Market Time and Price Adjustments
With more inventory available, buyers have time to decide, as the average listing stayed on the market for 58 days in October—eight days longer than last year. About 25% of listings in San Diego had price reductions, giving buyers more negotiating power.
Looking Ahead
While the market may cool over the holidays, dropping rates and rising inventory could attract more buyers through November and December.
Insight for San Diego Buyers
This article suggests buyers nationwide can “take their time.” However, San Diego remains one of the country’s most desirable markets, meaning demand may soon rise as interest rates dip and inventory rises. This is a rare moment for buyers to explore options with less competition. If you’re considering a purchase, acting sooner may be beneficial to secure a favorable deal before competition intensifies.
