The U.S. is battling a severe shortage of for-sale housing, leading to frenzied bidding wars, inflated home prices, and a stalemate between wary buyers and sellers. But in some regional markets, the tide appears to be turning. Nationwide, inventory is up 20% year-over-year, but mostly because homes are sitting on the market for far longer.
Inventory remains tight in cities such as San Jose, Calif., and Hartford, Conn., where year-over-year active listings in May were down 35.3% and 26%, respectively, according to Realtor.com. In markets like Sarasota, Fla., however, listings are up 128.1%, though homes are taking roughly 7 1/2 weeks to sell.
In certain regions, particularly in the more affordable pockets of the Midwest and Northeast, inventory remains tight. Despite higher mortgage rates casting a shadow over buyers and sellers alike, homes are selling at a brisk pace, prices continue to rise, and inventory remains relatively low compared with previous years.
Compare that to the West and South, where hot markets like Austin, TX, Nashville, TN, and Sarasota, FL, have seen inventory more than double compared with this time last year. These pandemic-era boomtowns have been on a roller coaster when it comes to pricing, inventory, and demand.
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