ST. LOUIS — Homebuyers still face fierce competition, but St. Louis’ housing market has gotten a long-awaited uptick in the number of homes on the market.
The number of homes for sale in May was up 7.1% from the prior month, marking the first monthly increase in local housing inventory since July 2020, according to data published by real estate firm Zillow. Despite the monthly increase, the number of homes for sale continues to lag year over year, with St. Louis’ inventory down 29.8% compared with a year ago.
St. Louis’ uptick in inventory in May follows a national trend, with Zillow saying U.S. housing inventory grew 3.9% month over month in May. Like in St. Louis, the national figure marked the first bump in inventory since July 2020. Move over, it was only the fifth monthly increase in for-sale listings in the past two years, according to Zillow.
“Despite extremely strong demand for homes in this red-hot market, a steady increase in new listings appears to have finally started turning the tides, bringing a long-anticipated turn toward more choices for buyers,” said Treh Manhertz, an economist at Zillow. “Builders are rushing to churn out new homes, while widespread vaccinations and improved confidence in the economy should help current owners feel more comfortable listing their homes for sale.”
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