ZILLOW: Here are the US cities where the housing shortage is at 'crisis levels'

America’s housing shortage is at “crisis levels,” according to Zillow.

The number of homes available for sale fell for a third straight year in 2017, the firm said in a report on Thursday. There were 10% fewer homes on the market in December 2017 compared with December 2016.

“Ageing millennials and young families may be able to find more affordable new homes for sale this year, but they will most likely be in further-flung suburbs with more gruelling commutes to urban job centres,” said Aaron Terrazas, a senior economist at Zillow.

He added that tax cuts would put more money in buyers’ pockets, increasing demand at a time when builders continue to struggle with rising land and labour costs.

The shortage is worse in some markets where home prices are rising faster.

Here are the 15 metro areas that experienced the biggest year-over-year declines in inventory as of December.


15. Atlanta, Georgia

ESB Professional/Shutterstock

Year-over-year inventory change: -14.6%

Zillow Home Value Index: $US186,300

Year-over-year index change: 7.7%


14. Cleveland, Ohio

Jeff Swensen/Getty Images

Year-over-year inventory change: -14.6%

Zillow Home Value Index: $US137,000

Year-over-year index change: 5.3%


13. New York, New York

Drew Angerer/Getty Images

Year-over-year inventory change: -15.4%

Zillow Home Value Index: $US429,000

Year-over-year index change: 6.9%


12. Boston, Massachusetts

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Year-over-year inventory change: -15.5%

Zillow Home Value Index: $US439,400

Year-over-year index change: 6.8%


11. Riverside, California

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Year-over-year inventory change: -17.4%

Zillow Home Value Index: $US340,800

Year-over-year index change: 6.9%


10. Columbus, Ohio

Year-over-year inventory change: -19.4%

Zillow Home Value Index: $US170,800

Year-over-year index change: 6.7%


9. Seattle, Washington

Year-over-year inventory change: -20.1%

Zillow Home Value Index: $US468,000

Year-over-year index change: 12.5%


8. San Diego, California

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Year-over-year inventory change: -20.2%

Zillow Home Value Index: $US565,000

Year-over-year index change: 7.1%


7. Los Angeles-Long Beach-Anaheim, California

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Year-over-year inventory change: -22.2%

Zillow Home Value Index: $US632,200

Year-over-year index change: 6.7%


6. Indianapolis, Indiana

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Year-over-year inventory change: -22.2%

Zillow Home Value Index: $US142,300

Year-over-year index change: 5.6%


5. Sacramento, California

Year-over-year inventory change: -22.5%

Zillow Home Value Index: $US381,400

Year-over-year index change: 8.2%


4. Las Vegas, Nevada

Wikipedia

Year-over-year inventory change: -24.1%

Zillow Home Value Index: $US246,700

Year-over-year index change: 14.3%


3. Denver, Colorado

Doug Pensinger/Getty Images

Year-over-year inventory change: -25.8%

Zillow Home Value Index: $US379,500

Year-over-year index change: 6.7%


2. San Francisco, California

Richard Thornton/Shutterstock

Year-over-year inventory change: -27.1%

Zillow Home Value Index: $US910,600

Year-over-year index change: 9.5%


1. San Jose, California

Year-over-year inventory change: -40.6%

Zillow Home Value Index: $US1,171,800

Year-over-year index change: 21.2%


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