Downey home prices rise due to shortage of inventory
A shortage of inventory continues to send Downey home prices up. This 6 bedroom, 5 bathroom Downey home is on the market for $1.689 million. (Zillow)
DOWNEY -- The average sales price of a Downey home reached $612,823 last month, up 2% from one year ago.
The climb can be attributed to a decrease in inventory. In September, the Downey real estate market saw 68 new listings, down 3% from one year ago.
There were 57 closed listings, down 2% from last year.
Year to date, 398 homes averaging a selling price of $600,914 have sold in Downey. There is currently an inventory of 134 Downey homes for sale.
Statistics were provided by the Greater Downey Association of Realtors.