The latest Monthly Housing Report from Realtor.com has found 22 of the 50 largest metros have more active listings on the market than they did in the pre-pandemic years. However, the report stops short of declaring the current environment as a buyer’s market.
Denver recorded the largest recovery from the pandemic era with a 100% increase in available homes compared to 2017–2019 averages. Other markets with vibrant revivals in available homes compared to the pre-pandemic period was Austin (+69%), Seattle (+60.9%), Dallas-Fort Worth (+55.5 %), and San Antonio (+58.3%).
“For-sale housing inventory in Denver has doubled compared with the pre-pandemic norm, providing a clear sign of a housing market realignment,” said Danielle Hale, chief economist at Realtor.com. “In some areas, affordability concerns have also slowed buyer demand, giving the market room to breathe and contributing to gains in homes for sale. In general, we’re seeing strong inventory rebounds in metros that have built more in the last six years. This milestone underscores both the importance of enabling housing construction and the growing divide in housing conditions across regions, where some markets are rapidly normalizing and others remain stuck in low-supply dynamics.”
Still, Realtor.com’s report noted there was a 4.6-months of supply in May, below the six-month threshold that typically defines a buyer’s market. Today’s market is also burdened with a nationwide shortage of nearly 4 million homes, contributing to a tight market.
