A substantial infusion of new inventory in the housing market in time for the spring homebuying season is good news. The number of new listings of existing homes on Zillow, an online real-estate marketplace, rose by 20.8% in February compared with the same time last year and listings are up 20% from January, Zillow's Housing Market Report for February shows. Competition for homes also remains robust, with homes that sold in February doing so in 17 days.
The three metros where the greatest number of sellers are getting into the market compared with last year are Dallas (up 50.7%), Minneapolis (40.4%), and Austin, Texas (37.1%).
New listings are coming on strongest compared to last year in the South – especially Texas and Florida. Substantial new construction in these areas is likely helping to free up existing homeowners and the market in general.
Total inventory is increasing significantly as well – up 12% compared to last year nationally and far more. In the South: Annual increases are highest in Dallas (up 39%), Tampa (31%), Orlando (30%), and Miami (29%).
Ultimately, limited supply means retirees looking to relocate or downsize will still be able to capitalize on near-record high home equity across the country.
Advertisement
Related Stories
Single-Family Homes
Single-Family Permits Increased by 26% During March
The total number of single-family permits reached 241,311 year-to-date, with the West seeing the greatest rise
Affordability
Median US Down Payment Falls by More Than $4,000
The recent decrease in costs is welcome relief for homebuyers, but many West Coast markets remain expensive
Affordability
Data Show Most Americans Are Struggling to Afford a Home
40.5 million households can only afford to purchase a $150,000 home
