If you’ve been keeping an eye on the housing market, you might have noticed a positive trend: the supply of homes for sale has seen a notable increase since the start of the year.
According to recent data from Realtor.com, the number of homes actively listed for sale across the country has jumped by 36.6% compared to this time last year. This significant boost means more choices for you if you’re in the market to buy a home. With this growing inventory, you’ll also have a bit more leverage when it comes to negotiating. So, if you’ve been considering buying a home but were put off by the limited options in recent years, this could be the news you’ve been waiting for.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), points out:
“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
However, it’s important to keep things in perspective. While inventory has grown, we haven’t suddenly reached a point where there’s an oversupply of homes on the market. We’re still far from the pre-pandemic levels of available homes (2017–2019), with approximately 29% fewer homes currently for sale
In other words, while the year-over-year increase of nearly 37% is promising, we’re not quite back to what would be considered a typical market.
Bill McBride, a Housing Analyst for Calculated Risk, explains it this way:
“. . . currently, inventory is increasing year-over-year but is still well below pre-pandemic levels.”
And that’s perfectly okay. It’s a gradual process, and it’ll take time for the market to stabilize. The good news for buyers is that in certain markets, we’re closer to reaching that balance.
If you’re curious about what this means for your local area, it’s always best to connect with a local real estate agent. They can provide insights into the inventory trends where you live and how they compare to the national market. You might discover even more opportunities to find your dream home.
The nationwide supply of homes is on the rise, giving you more options and a better shot at finding a home that fits your needs.
Ready to start your home search? Let’s discuss what you’re looking for and your budget, so we can explore the best options together.
