--- title: These 5 Cities Have Seen a Huge Drop in Homes for Sale description: It’s a tough time to buy a house — and buyers in certain cities have it worse than others, with major slowdowns in new listings. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true published: '2023-06-29T18:13:39.000Z' modified: '2024-02-18T13:05:03.000Z' section: Housing tags: - News word_count: 339 canonical: https://money.com/drop-homes-for-sale-cities/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Residential area in Oakland CA](https://img.money.com/2023/06/News-Cities-With-Biggest-Dropoff-Homes-Sale.jpg?crop=0px%2C129px%2C2880px%2C1620px&quality=85) It’s a tough time to [buy a house](https://money.com/how-to-buy-a-house/) — and buyers in certain cities have it worse than others. [New data](https://www.redfin.com/news/housing-market-update-home-price-declines-shrinking/) from real estate brokerage Redfin shows that across the United States, 27% fewer new homes hit the market in June compared to a year earlier. That’s the largest annual drop since May 2020, and it’s a major reason the total inventory of homes for sale has fallen 11% on an annual basis. The [slowdown in new listings](https://money.com/number-homes-for-sale-record-low/) is even more extreme in a handful of places, Redfin found. Here are the cities with the biggest drop-off over the past month (compared to the same time last year): - Las Vegas, Nevada: 45.3% fewer listings - Phoenix, Arizona: 43.3% fewer listings - Oakland, California: 38.8% fewer listings - Seattle, Washington: 38% fewer listings - Riverside, California: 37.1% fewer listings ## Take the first step to buying a new home today ### Mortgage Experts at Rocket Mortgage (NMLS #3030) are available to get you started on your home-buying journey with solid advice and priceless information. To find out more, click on your state today. [View Rates](https://money.com/pr/te0e3daa0c3f?ap_referrer=%2Fdrop-homes-for-sale-cities%2F) Redfin’s experts attribute the dearth of new home listings to high [mortgage rates](https://money.com/current-mortgage-rates/), which have soared over the past year as the [Federal Reserve](https://money.com/federal-reserve-pause-interest-rate-hikes/) raised interest rates to fight inflation. With the fixed rate on a 30-year mortgage holding steady above 6%, many would-be sellers [are opting](https://money.com/low-mortgage-rates-trap-home-sellers/) to stay put and hold onto to the lower rate they've locked in rather than take out a [mortgage](https://money.com/current-mortgage-rates/) on a new home. That said, the ongoing shortage of existing homes has contributed to a dramatic surge in new construction: New home sales jumped 20% in May, according to data from the Census Bureau. Right now, buyers are "searching for listings and [affordability](https://money.com/housing-affordability-lowest-level-in-history/) — both of which can be found in new construction,” Zillow senior economist Nicole Bachaud said in email commentary shared with Money. But potential buyers shouldn’t celebrate just yet. “New inventory is still way down and prices are going back up,” she added, “leaving buyers in the existing home market with little to choose from.” ## Buy your new home with more convenience and less hassle ### A Mortgage Expert at Rocket Mortgage (NMLS #3030) can lend you a hand for a smoother process. Your dream home is possible. Click below to make it happen. [View Rates](https://money.com/pr/u918d32af718?ap_referrer=%2Fdrop-homes-for-sale-cities%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/drop-homes-for-sale-cities/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Housing Market", "item": "https://money.com/housing-market/" }, { "@type": "ListItem", "position": 4, "name": "These 5 Cities Have Seen a Huge Drop in Homes for Sale" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/drop-homes-for-sale-cities/#webpage", "url": "https://money.com/drop-homes-for-sale-cities/", "name": "These 5 Cities Have Seen a Huge Drop in Homes for Sale", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-06-29T18:13:39.000Z", "mainEntity": { "@id": "https://money.com/drop-homes-for-sale-cities/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/drop-homes-for-sale-cities/#breadcrumb" }, "dateModified": "2024-02-18T13:05:03.000Z" }, { "@type": "NewsArticle", "headline": "These 5 Cities Have Seen a Huge Drop in Homes for Sale", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/06/News-Cities-With-Biggest-Dropoff-Homes-Sale.jpg?crop=0px%2C129px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-Cities-With-Biggest-Dropoff-Homes-Sale" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. 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