Inventory Down Year-Over-Year for Fifth Straight Month

There were fewer homes for sale in June than there were a year ago, increasing competition for potential buyers this home-shopping season. Most of these declines were among the lowest-valued homes sought by first-time home buyers, according to the first quarter Zillow Real Estate Market Reports.

In the lowest-priced third of homes for sale, the inventory homes on the market fell year-over-year in 28 of the nation's 35 largest metro areas. By comparison, among the highest-priced homes, inventory fell year-over-year in only 10 of the nation's largest metro areas.

Overall, home values in the United States rose 3.3 percent from June 2014, and 0.3 percent from May to a Zillow Home Value Index of $180,100. As home values continue to rise, buyers are faced with more challenges in a tighter market, especially in hot markets like Denver, which saw the highest home value appreciation from last year, surpassing even San Jose and San Francisco.

https://zillow.mediaroom.com/2015-07-30-Inventory-Down-Year-Over-Year-for-Fifth-Straight-Month-Offering-Home-Shoppers-Little-Relief