Sun Belt states are seeing increased housing inventory compared with the Midwest and Northeast
June 10, 2024
Image: Andy Dean / stock.adobe.com
The amount of active home listings in the U.S. has increased
Across the U.S., active home listings are on the rise. According to the ResiClub blog, national active listings rose more than 35% between May 2023 and May 2024. However, these rates vary significantly by region. In some areas, active listings are down. In Nevada, for instance, active listings are down by 25% on a year-over-year basis. On the other hand, Sun Belt States are seeing a surge in active listings with housing inventory also on the rise. In Florida, housing inventory increased by more than 70% year-over-year.
The biggest Florida inventory increase is concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022. This combination of increased housing supply for sale—the damaged homes—coupled with strained demand—the result of spiked home prices, spiked mortgage rates, higher insurance premiums, and higher HOAs—has translated into market softening across much of Southwest Florida.
