Inventory Up Year Over Year for First Time in Nearly Three Years

After three years of year over year declining inventory, May’s national active inventory was up 8% year over year, the first time the market has seen a yearly increase since June 2019.

According to Realtor.com®, newly listed homes were up 6.3% year over year, with 38,000 more homes on the market. However, the number of unsold homes, which includes pending listings, fell 3.9% year over year. While inventory is up since 2021, it is still low compared to two years ago. Active listings are down 48.5% compared to 2020. Newly listed home rates are still below pre-pandemic levels as well.

Inventory was also up in May in Pennsylvania, according to a report prepared for the Pennsylvania Association of Realtors®, but is still down 25.5% over the same time last year.

Home prices have yet to decrease. The May national average was $447,000, up 17.6% year over year and up 35.4% from May 2020.

Even with inventory increases, homes are not staying on the market long. The report found that homes spent 31 days on the market, compared to 37 days a year prior. Pre-pandemic, homes spent about 58 days on the market.

In Pennsylvania, there are some affordable options and the market is not as volatile as other areas. In Philadelphia, the median listing price is $340,000, identical year over year, with new listings up 4.1% and active listings up 4.9% and homes spending 35 days on the market. In Pittsburgh, home prices are $240,000 on average, down 10.5% year over year. While active listings are down 2.7%, new listings are up 4.6% and homes are on the market for 39 days on average.

PAR’s housing report showed the median sales price for the state in May was $211,192.