Source: Realty Biz News —
Realtor.com reported that active listings of existing homes rose 19$ in June, the fastest rise since it began tracking the data five years ago. Meanwhile, the number of new listings also surpassed pre-pandemic levels, rising 4.5% from a year ago.
For now though, inventory remains critically low at around 50% of pre-COVID levels.
The new listings are pouring onto some of the markets that saw the biggest jumps in home demand during the height of the pandemic. For instance, Austin has seen its inventory level jump by 145% from a year ago, while Phoenix is up 113% and Raleigh is up 112%. However, some markets are still faced with lower inventory, such as Chicago, where home listings are down 13%, and Miami, where inventory is 16% below last year’s level.