The Tide May Be Shifting for West Coast Home Buyers

The Tide May Be Shifting for West Coast Home Buyers

The Tide May Be Shifting for West Coast Home Buyers

It has been challenge trying to be a homebuyer on the West Coast. Prices have been surging for years as house hunters fight for the few available listings, now the tide could be shifting.

As sellers come off the sidelines to lock in gains, they are starting to boost inventory.

New data by brokerage Redfin Corp.shows that supply in several US markets is rising in the places that need it the most, like Seattle; Portland, Oregon; and San Jose, California.

The cooling includes the pace of sales as well.

While sales increased in June in many of the nation’s biggest markets, including Chicago (9.8%), Washington (5.7%) and Houston (2.4%), declines out West were so sharp they dragged the national figure down to a drop of 3.3%.

The pain isn’t over.

The inventory shortage is still very real in many West Coast markets, some have only a few months of supply. And if the skyrocketing trajectory of prices has eased, the increases still consistently outstrip wage growth. The median home in San Jose sold for $1.23-M in June.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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