Which Housing Markets Are Seeing the Biggest Inventory Gains?
Closed sales were down significantly year-over-year in March, but in some popular homebuying destinations active inventory posted double-digit year-over-year gains. Median sale prices for single-family homes were down 2.2% year-over-year in Jacksonville, Fla., while inventory rose 177% on an annual basis.
Prices were also unchanged year-over-year in Georgia, but inventory was up 80.1% annually. Along with posting the largest monthly change in active inventory (19.5%), Denver also saw a 103.3% annual increase in local housing supply.
Inventory in these markets were down 8% YoY in March 2022 and are now up 85% YoY! So, this is a significant change from early 2022, although this is a much smaller YoY inventory increase than in February (up 98% YoY).