Sales Rebound in High-Inventory Housing Markets

Home sales have been moderate nationwide, but in high-inventory metros, home sales have picked up. According to a recent study from real estate marketing platform Zillow, housing inventory has fully recovered in 19 major metros—mostly in the South and West—and in these markets, home sales have picked up the most. 

Where are home sales the strongest?

Austin leads all major metros in both annual home-sales growth (20%) and inventory added since before the pandemic (52%). Similarly, in New Orleans, inventory is 50.6 % higher than before the pandemic, and in San Antonio, it’s 32.7% higher.

Markets with improved inventory are seeing greater affordability

Metros where inventory has grown are seeing affordability improve, and in turn, sales are growing. Compared with the same time one year ago, the typical monthly mortgage payment has fallen by 9.8% in Austin, Texas, by 7.4% in Dallas, by 7% in Denver, by 6.2% in Raleigh, N.C., and by 6% in San Antonio.