The past year – and especially the summer – has been a frantic race for housing markets. But there are growing signs of a return to normal.
For example, we recently identified “10 Markets Where Home Prices Could Fall 20%,” and new analysis from Realtor.com points to many markets where the number of homes for sale is growing rapidly.
Here’s a look at the places that have seen the biggest increase in home inventory over the past year.
1. Phoenix
Increase in active home listings between July 2021 and July 2022: 158.7%
The inventory of houses continues to expand in the Valley of the Sun. It probably helps that the city is among the “10 markets with the most canceled home sales” — perhaps because buyers are becoming more discerning and patient as the options open up and the competition wanes.
2.Austin, Texas
Increase in active home listings between July 2021 and July 2022: 154.5%
As the saying goes, everything is bigger in Texas. This is true not only for the number of houses for sale, but also for their prices. Austin remains a very overvalued housing market, we recently reported.
3. Raleigh, North Carolina
Increase in active home listings between July 2021 and July 2022: 137.5%
Opportunities for home buyers are booming in Raleigh. And there seems to be a lot of work to do too. The North Carolina capital was among the “15 cities with the most job gains in 2021”.
Top 10
Here are the other cities with the largest percentage increase in the number of active real estate listings:
- Nashville, TN: 121.9%
- Seattle: 103.8%
- Tampa, Florida: 91.9%
- Vegas: 83.3%
- Dallas: 81.2%
- Riverside, California: 76.5%
- Sacramento, California: 72.3%
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