CLEAVLAND – New house listings are finally emerging across the country. Zillow economists tell News 5 that stocks are up 3% in the past two months, and we’re starting to see the same upward trend in Cleveland.
Inventories rose 8.8% in June, according to Zillow economist Nancy Wu.
“Based on an 8.1% increase from April to May. In fact, shoppers are finally starting to see more products showing up in search results, ”she said.
It appears that rent collection and general assistance were the reason for the increase. However, homes are still flying off the market. Local real estate agents told us that the average home in our area only remains in use for 42 days. So the new stocks are going well to the market.
“If we look year after year even compared to last year, we have grown by about 17 percent thanks to new listings. So this is great news, ”said Angela Thompson of Monument Real Estate.
But how soon will the housing shortage be a thing of the past?
Well, we were told that increasing supply-side inventory would help with higher home prices. Zillow data shows that house prices in Cleveland have risen 17% year over year since 1996. Not to mention, record low mortgage rates continue to drive demand.
“As this tactic changes over time, we will see that the rise in prices will slow down a bit. But right now, signs that more and more stocks are entering the market each month have been an encouraging indicator, ”Wu explained.
Other Zillow data show that “people who moved to Cleveland moved to zip codes where home values were nearly $ 200,000 lower” compared to where they moved from. Wu explained that this means that “the people who move to Cleveland had the most money in their pockets to buy a house in Cleveland from the houses they sold and their last borough.”