It's been tough being a homebuyer on the West Coast. Prices have been surging for years as house hunters fight for the few available listings. Now the tide could be shifting.

As sellers come off the sidelines to lock in gains, they're starting to boost inventory. New data by brokerage Redfin Corp. shows that supply in several U.S. markets is rising in the places that need it the most, like Seattle; Portland, Oregon; and San Jose, California.

The rise in inventory in these West Coast housing markets has slowed the torrid price increases in the region and, in turn, in the U.S. as a whole, where prices grew at their slowest pace since December 2016. The cooling includes the pace of sales as well. While sales increased in June in many of the nation's biggest markets, including Chicago (9.8%), Washington (5.7%) and Houston (2.4%), declines out west were so sharp they dragged the national figure down to a drop of 3.3%.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.