Need news in a flash? Here’s what’s happening in your community
New research from the National Association of Realtors pointed out the areas of the country where the inventory shortage is most acute. The 10 most affected markets would need anywhere from approximately 55,000 to 218,000 permits to meet the national average:
- New York City (218,541 permits required)
- Dallas (132,482 permits required)
- Houston (55,661 permits required)
- Atlanta (93,627 permits required)
- San Francisco (127,412 permits required)
- Miami (118,937 permits required)
- Chicago (94,457 permits required)
- Seattle (73,175 permits required)
- Denver (67,403 permits required)
- Phoenix (55,540 permits required)
Houston saw an increase in housing inventory in August by 7.4 percentage points, according to a Zillow report. The metro has been gaining a reputation as a softening one as of late, but its year-over-year rise in the Zillow Home Value Index was still 7.1 percentage points to reach $174,000. Houston rent increased 0.5 percentage points in the same time, to $1,576 in August.
According to Trulia, San Antonio saw a slight annual increase in housing inventory during the third quarter of 2016, from 7,549 to 7580 — a 0.4 percentage point rise.
Got a lead on some news happening in your community? Send information to local@inman.com.