” Stock has improved for more than two years, however the momentum has actually faltered in recent months,” stated Danielle Hale, chief economist at Realtor.com.
“Supply gains have been concentrated in the South and West and skewed toward homes priced listed below $500,000. While the Northeast and Midwest have actually seen development, they remain significantly undersupplied.”
Active listings “climbed up 7.9% year over year in February, reaching 914,860 homes on the market,” the report stated, even as national supply “stays 16.8% below typical 2017– 2019 levels.”
The South and West were “now approximately in line with 2017– 2019 levels,” while stock in February “stayed 56.8% lower in the Northeast and 39.5% lower in the Midwest.”
At the city level, 43 of the 50 biggest markets saw inventory growth, led by Seattle, Louisville and San Jose, while “7 markets, consisting of Hartford, Conn. and Providence, R.I., remain more than 50% below pre-pandemic stock levels.”