Four Major Markets See Inventory Levels Above Pre-Pandemic Levels

According to a recent data set released by Zillow, the four major markets in the United States have seen their inventory levels rise above pre-pandemic levels. This is an encouraging sign for the housing market as it continues to recover from the effects of the pandemic. The data set showed that despite a year-over-year decrease in sales, inventory levels have risen in all four major markets: Los Angeles, New York City, San Francisco and Washington D.C. In Los Angeles, inventory rose 6 percent year over year; in New York City it rose 5 percent; in San Francisco it rose 3 percent; and in Washington D.C., it rose 4 percent. These increases are a positive sign for potential homebuyers who may be looking to purchase a home during this time of economic uncertainty. With more homes on the market, buyers will have more options when searching for their dream home and can take advantage of lower prices due to decreased demand caused by the pandemic. In addition to increased inventory levels, there has also been an increase in new construction projects across all four major markets since last year’s data set was released. This is another positive sign for potential buyers as new construction projects often bring with them more affordable housing options than existing homes on the market do. Despite these encouraging signs for potential buyers, there are still some concerns about how long these trends will continue and what impact they will have on prices going forward. While increased inventory does mean more options for buyers, if too many homes come onto the market at once then prices could drop significantly as sellers compete against each other to attract buyers’ attention. Overall though, this news from Zillow is good news for potential homebuyers who may be looking to purchase a home during this uncertain time period caused by COVID-19 restrictions and economic downturns across multiple industries worldwide. With increased inventory levels across all four major markets and new construction projects underway or recently completed throughout those same areas, now could be an ideal time for prospective buyers to begin their search for their dream home at potentially discounted prices due to decreased demand caused by COVID-19 restrictions and economic downturns worldwide.