The supply of homes up for sale around the U.S. has fallen to its lowest level in six years, thanks to an increase in purchased.
Nationwide home inventories fell by more than 6% in September, ending a several month streak of rising home supplies.
Consumers around the country in recent months have responded to lower home mortgage rates with an increase in buying.
“Housing appears to have renewed its place as a bright spot contributing to continued U.S. economic growth,” Zillow Director of Economic Research Skylar Olsen said in the new report. “A few markets have seen strong re-acceleration — led by Austin — and Seattle and Los Angeles are close to reversing the recent fall in home values that have been seen in many formerly hot West Coast markets.”
Some of the largest home price gains were in Austin, 7.6%; Charlotte, 7.1%, and Columbus, 6.8%.
Home prices were down year-over-year in the San Francisco area and San Jose.
The inventory of houses on the market fell in all but a handful of the major U.S. markets Zillow tracks.
