May brought a long-awaited bump in inventory nationwide, though it did little to immediately cool record-high home value appreciation, according to the May 2021 Zillow Market Report. Homes typically stayed on the market just six days before selling last month, and rents are rising quickly across the U.S.
Total U.S. for-sale inventory rose 3.9% in May from April, the first monthly uptick since July 2020 and only the fifth such gain recorded over the past 24 months. Inventory was up in May from April in 43 of the nation’s 50 largest markets (for which we have data). Still, inventory nationwide is down 31.2% from a year ago, the fourth straight month of 30%+ year-over-year national inventory declines. Inventory was up from a year ago in just three of the nation’s largest markets — San Jose (30.3%), San Francisco (25.6%) and Milwaukee (2.6%). Inventory in a fourth large market, Seattle, was only 0.4% below May 2020 levels.