A notable positive trend in today’s housing market is the substantial increase in the number of homes available for sale since the start of the year.
According to recent data from Realtor.com, there has been a 36.6% increase in the number of homes actively listed for sale compared to the same period last year. This significant rise in inventory offers buyers a wider range of choices for their move than what was available just a year ago. With more homes on the market, buyers also gain a bit more leverage in negotiations. If you have been considering purchasing a home in recent years but were discouraged by the limited options, this news should be encouraging.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), highlights the impact of this trend: “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.” However, it’s important to maintain perspective: while inventory has grown, it hasn’t led to an oversupply of homes that would cause prices to plummet. Compared to pre-pandemic levels (2017–2019), there are still approximately 29% fewer homes on the market today.
Although the year-over-year increase is nearly 37%, the market has not yet returned to the inventory levels seen in a typical market. As Bill McBride, Housing Analyst for Calculated Risk, notes: “. . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.” This gradual recovery is expected and will take time to reach the typical number of homes for sale. However, in certain local markets, the inventory situation is showing signs of improvement.
Real estate trends can differ significantly by location. To understand what the inventory numbers are like in your area, it’s best to consult a local real estate agent. They can provide insights into the local market conditions and how they compare to the national trends, which may present more opportunities for moving.
The nationwide housing inventory is seeing significant improvement, offering buyers more options in their search for a home. This means a greater likelihood of finding a home that meets your needs.
What are you looking for in a home, and what is your budget? Let’s discuss these factors together to explore the options that might be right for you.