The pandemic sent the real estate market into overdrive before higher mortgage rates caused a virtual standstill. But now, the number of homes for sale is the highest since 2019, including in pandemic “boomtowns.”
The total number of homes for sale in October was 29.2% higher than the year before, marking the 12th consecutive month of growth.
“Sellers continued to increase their activity this October. Total active listings increased to highs not seen since before the pandemic,” says Realtor.com® senior economist Ralph McLaughlin in a new monthly housing report. “We noted last month that the sharp decrease in mortgage rates in mid-August could lead to an increase in listings in the coming months as lower rates begin to entice the marginal homeowner to sell.”
Pandemic “boomtowns” lead surge in homes for sale
In a bit of welcome news for buyers across the country, active home listings are up in all four regions of the U.S.
Leading the charge is the South, with a whopping 34.0% increase, closely followed by the West at 33.6%, the Midwest at 19.8%, and the Northeast, which still saw a healthy uptick of 14.3%.
The Southern boomtowns that rose to prominence during the pandemic are once again making waves—with welcome surges in housing stock. Austin, TX, tops the list with a 40.1% jump in inventory, trailed by Memphis, TN, (+39.2%); and Orlando, FL, (+26.6%). These metro areas now boast listings that have surpassed pre-pandemic levels—a notable shift.
Metros that saw the largest increases in the number of homes for sale included San Diego, CA, at 63.5%; Seattle, WA, at 60.5%; and Denver, CO, at 59.5%.
realtor.com, Oct 31, 2024
