Housing inventory grows, giving buyers more options across the US: Report

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00:00National housing inventory is growing, giving buyers more options.

00:04The number of homes available for sale has been increasing every month for nearly two years,

00:09giving buyers more choices in the market, according to a new report from Realtor.com.

00:16In the south and west, the number of homes for sale is now higher than it was before the pandemic,

00:22and inventory is still increasing in those areas.

00:25In the northeast and midwest, housing inventory has not recovered to pre-pandemic levels

00:31and still have a shortage of homes for sale.

00:34Mortgage rates have also been decreasing recently, which usually encourages more buying activity.

00:39However, even with cheaper borrowing costs, homes are taking longer to sell

00:44and buyer demand is not picking up significantly.

00:47For a year and a half now, homes have been sitting unsold for longer periods of time,

00:52suggesting weaker buyer demand or overpriced listings, according to the report.

00:57The biggest slowdowns are happening in Florida and western states,

01:01where homes are taking even longer than average to sell.

01:04Homeowners slashing prices has also become common.

01:07About 20% of homes for sale have had their prices reduced after being listed.

01:12Most of these price cuts are happening in the lower end of the market.

01:16And overall, buyers now have more negotiating power than they did

01:20during the hot seller's markets of the last few years.

01:23This buyer leverage isn't equal everywhere, though, as it depends on the region,

01:28the price tier of the home, and local market trends.

01:31Different parts of the country are seeing different patterns

01:34when it comes to price reductions on homes.

01:37According to the report, in the northeast,

01:39only 14% of homes for sale had their asking prices lowered in September.

01:44That's relatively low, which suggests a stronger market in that area.

01:49In the south and west, about one in five homes saw price reductions,

01:53which indicates weaker demand or greater supply,

01:56pushing sellers to cut prices more often.

01:59In Denver, Colorado, nearly one in three homes saw a price cut,

02:03which is the highest rate among large cities.

02:06This suggests that sellers there are struggling to get their original asking prices.

02:10In Portland, Oregon and Indianapolis, Indiana are also seeing high levels of price reductions,

02:16which indicates softening conditions in those metro areas.

02:20For Straight Arrow News, I'm Lauren Keenan.

02:22If you want more on this story, download the Straight Arrow News app or visit SIN.com.

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