The housing market is finally giving buyers some breathing room.
After two years of skyrocketing prices and shrinking inventory, the number of homes on the market just hit its highest level since 2019, sparking hope for frustrated buyers across the country.
In October alone, available homes surged 29.2% from last year, marking a full year of growth in listings, according to an analysis by Realtor.com.
Homeowners nationwide are throwing up “For Sale” signs in droves, especially in former pandemic hot spots like Austin, Memphis and Orlando.
These “boomtowns” are making a comeback in a big way, with Austin inventory jumping a staggering 40.1%, while Memphis and Orlando posted gains of 39.2% and 26.6% respectively.
And this inventory surge isn’t limited to the South; it’s happening across all regions of the US, with the West close behind, up 33.6%, followed by the Midwest and Northeast.
“Sellers continued to increase their activity this October … Total active listings increased to highs not seen since before the pandemic,” says Realtor.com’s senior economist Ralph McLaughlin in the report.
He adds that a dip in mortgage rates back in August might have pushed homeowners on the fence into action, leading to even more listings hitting the…
