Nearly half of the nation’s 50 largest metro areas record year-over-year increases with their housing inventory levels last month, according to new data from Realtor.com.
During December, there was a 9.1% uptick in the number of more newly listed homes compared one year ago; compared to November, there was a 5.5% inventory increase. Out of the 23 metros with a greater inventory compared to one year earlier, the highest annual increases were seen in Memphis (28.5%), New Orleans (25.5%) and San Antonio (20.9%). Realtor.com noted that December marked the first time since last May when home shoppers were seeing a larger number of unsold homes on the market.
“Across the U.S. we’re seeing improvements in inventory levels, especially in the South, which experienced a 7.7% increase in active listings year-over-year,” said Danielle Hale, chief economist, Realtor.com. “While the uptick in December inventory levels is encouraging, it is important to note that two-thirds of outstanding mortgages in the U.S. have a rate under 4% and more than 90% have a rate less than 6%. We are optimistic that inventory levels are moving in a positive direction, but the number of homes on the market is still low relative to pre-pandemic levels. Some sellers are clearly motivated already, but other households may hold out for lower rates before selling or moving to new homes.”
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