New data from Realtor.com shows just how fast listings are increasing on the US Housing Market, with supply growing by 35% over the last year across the country. This supply growth is strongest in the Sun Belt parts of America, particularly states like Florida, Texas, Arizona, and Colorado. These are the markets that are most in the crosshairs of home price declines in 2024 and beyond based on the current trends.
On the national level – you can see that active listings grew to 788,000 on the US Housing Market in May 2024, which is a fairly big jump from the previous Mays, outlined below:
- May 2024: 788,000 listings
- May 2023: 582,000 listings
- May 2022: 479,000 listings
- May 2021: 448,000 listings
Of course – inventory levels are still below pre-pandemic norms by about 20-30%. However, the gap is starting to close, and close fast, due to a continued reduction in homebuyer demand and an increase in new listings in 2024.
On a market by market level, inventory has grown the most in the Sun Belt, particularly across states like Florida, Texas, Arizona, and even some parts of California. You can see the list of the metros with the biggest inventory jump year-over-year outlined below.
I wouldn’t be surprised if we downward home price action in these metros over the next year due to the big spike in inventory. Particularly in housing markets like Tampa, Phoenix, and Orlando, where prices are still heavily overvalued compared to long-term levels.
If you’re a homebuyer or real estate investor, make sure you access this data for your county and ZIP code so you be on top of the trends in inventory in your market. Head to Reventure App right now to search the data for your area.
-Nick
