Greater Boston’s housing supply had the greatest increase among all major U.S. metros in August, according to the latest RE/MAX National Housing Report.
Specifically, Boston’s soared 132.6% year over year, giving buyers a welcome reprieve from the tight inventory plaguing the market.
August’s monthly supply was just shy of two and a half months (2.4), up from one month a year ago.
Wichita, Kansas, was second with a 1.5 month’s rise in supply, one-and-a-half month’s supply, followed by San Antonio, Texas, at 3.7 months, New Orleans at 3.2 months and Fayetteville, Arkansas, at 1.2 months.
RE/MAX President and CEO Nick Bailey said buyers should be pleased with the “slow but ongoing ramp-up in available listings,” regardless of last year’s comparisons.
“More listings mean more options, and that’s a plus for buyers who haven’t been able to find the right home yet – and for potential buyers who’ve been reluctant to start looking,” Bailey said. “With new listings emerging, sales ticking up and prices stabilizing, there were several things to like in the August results.”
A huge jump in inventory wasn’t the only positive news from August. Boston home sales also improved, up 3.6% from July but down 21.7% from last year.
Home sale prices were also down, falling 2.9% from July, but up 5.5% from 2022, to $670,000.