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.
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