The number of homes listed for sale on Zillow was up 17.7% year-over-year in June. Inventory was up for the fourth straight month and climbed in 81% in the metros covered by Zillow. But overall inventory remains tight.
“Tight inventory is especially pronounced in the lower end of the market, which we define as the bottom third of the housing stock,” according to Svenja Gudell, director of economic research at Zillow.
“Of the largest metros, most saw very few for-sale homes come from the bottom tier, and more so from the top tier. This tightness of supply will continue to impact first-time home buyers and others trying to buy a lower-end home.”
This chart shows the share of for-sale inventory across metros by different home value tiers. In Dallas-Fort Worth for instance, bottom tier homes accounted for 15% of for-sale inventory, compared with 55% share for top tier homes.
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