A recent report from Realtor.com indicates that housing inventory in many major U.S. metropolitan areas has now surpassed levels seen before the Covid-19 pandemic.
The real estate landscape shows that almost 50% of the largest 50 U.S. metros are experiencing active listings that might beat pre-pandemic figures. It’s quite intriguing, actually—this surge seems to be a trend across various regions.
Interestingly, all 10 metro areas with the most significant inventory increases have recorded double-digit jumps. This was highlighted in Realtor.com’s findings.
The areas identified by Realtor.com as having the “most dramatic improvements in active inventory” span across eight states, with Texas appearing prominently, notably with three spots in the top five.
Denver, Colorado
Denver, in particular, recorded an impressive 100% increase in active home inventory compared to pre-pandemic times. This leap is credited to factors like a rise in home construction and extended time homes spend on the market. It’s worth noting that Denver is also celebrating its 100th anniversary.
Austin, Texas
In Central Texas, Austin saw a stock increase of 69% since May, reaching heights not seen since before the pandemic.
Seattle, Washington
Seattle’s active inventory has also seen changes, noted at 60.9%. The city has a population of over 780,000, according to the U.S. Census Bureau.
Dallas and Fort Worth, Texas
In the Dallas-Fort Worth area, inventory rose by 55.5% compared to pre-Covid levels, with homes achieving a median price of $440,000 last month.
San Antonio, Texas
San Antonio experienced a jump of 58.3% in active inventory according to Realtor.com.
Overall, the top 10 cites for inventory increases included San Francisco, Nashville, Orlando, Las Vegas, and Tucson, highlighting significant gains, particularly in San Francisco at 53.5% and Tucson at 23%.
“We’re generally seeing stronger inventory shifts in built metros over the past six years,” stated Daniel Hale, Chief Economist at Realtor.com. “This milestone underscores the critical need for home construction and improving housing conditions in various regions, where some markets are returning to normal while others still struggle with low supply.”
Realtor.com indicates that the national housing market currently appears “buyer friendly.” In May, the U.S. had over a million homes on the market, a threshold it hasn’t surpassed since winter 2019. However, in March, it was noted that the nation is facing a housing supply gap of about 3.8 million homes.
Indeed, supply and affordability have been pressing issues for many potential buyers in recent years.
