homes sitting on the market

 

 

More homes sitting on the market

Listing Inventory ticked up 5% in December as homes languish for months on average and prices decline

The housing market ended 2018 on a low note, with listing inventory up five percent nationwide and by as much as 10 percent in several of the nation’s largest metros, while homes sold on an average pace of 80 days in December, according to a new study by realtor.com released Thursday.

In previously hot markets like San Diego, Los Angeles, Atlanta, Houston and Chicago, inventory grew by double-digit percentage points last month, according to realtor.com’s December housing report.

“Sellers are adjusting their strategies, especially in slowing, pricey markets with growing availability of homes for sale,” realtor.com Chief Economist Danielle Hale said. “Although buyers may not find a bargain, the price discounts and recently lower borrowing costs may entice upper-tier buyers back into the market. By contrast, entry-level shoppers continue to contend with declining availability of homes for purchase, albeit at a slower rate.”