Saturday, May 25, 2024

Did OpenAI steal Scarlett...

Opinions expressed by Entrepreneur contributors are their own....

Help Your Business Excel...

Disclosure: Our...

Why Are New Business...

More people are starting businesses now...
HomeBusinessHousing market inventory...

Housing market inventory is rising across most of the country—just look at these maps



Want more stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the free, daily ResiClub newsletter.

Last month, there were 694,820 active U.S. homes for sale, according to Realtor.com. That’s up 24% from March 2023 (562,444 active listings). But on a regional level, the year-over-year shift in housing market inventory varies a lot.

In Nevada, active listings are down 26% from where they were a year prior, as markets like Reno and Las Vegas tightened up following a brief home-price correction in the second half of 2022.

Meanwhile, active listings are up 57% in Florida on a year-over-year basis, as Southwest Florida markets like Cape Coral and Punta Gorda continue to soften.

!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

If active listings begin to rise quickly as homes sit on the market longer, in theory, it can signal a weakening market. If active listings begin to fall quickly as homes sell faster, in theory, it can signal a strengthening housing market.

Big picture: We’re observing some softening across many housing markets as higher mortgage rates temper the fervor of a market that was unsustainably hot during the pandemic housing boom.

That said, most of the country still remains below pre-pandemic inventory/months of supply. Much of the Midwest and Northeast, in particular, remains tight.

National active listings in March 2024 were still 37.7% below March 2019 levels when there were 1,115,940 U.S. homes for sale. That lack of inventory explains why home prices in many markets, despite softening and spiked interest rates, have remained resilient.

Click here to view an interactive version of the map below.

!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

While inventory levels in Florida are up the most in the nation on a year-over-year basis (+57%), the bulk of the increase is really concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Myers, which were hard hit by Hurricane Ian in September 2022.

Hurricane Ian left behind thousands of damaged homes, and the subsequent need for renovations has resulted in a surge in available inventory. According to the National Oceanic and Atmospheric Administration, Hurricane Ian caused an estimated $112.9 billion worth of total damage, making Ian the third-costliest U.S. hurricane on record.

In addition to residential property damage, the hurricane has also coincided with spiked home insurance costs. This combination of increased housing supply for sale, the damaged homes, coupled with strained demand—the result of spiked home prices, spiked mortgage rates, higher insurance premiums, and higher HOAs—has translated into market softening across much of Southwest Florida.

Click here to view an interactive/zoomable version of the map below.

!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

While active inventory in areas like Fort Myers and Cape Coral are back above pre-pandemic inventory levels, many areas of Florida, including Miami, are still below pre-pandemic inventory levels.

Click here to view an interactive/zoomable version of the map below.

!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

If inventory continues to mount, could more parts of Southwest Florida see home price declines? Presumably, yes.

If housing affordability remains constrained and active listings/months of supply continue to spike in parts of Southwest Florida, prices could soften/further soften.

Continue reading

Banks don’t want to inspect your home office, so they’re forcing hundreds of employees to come in five days a week

Work from home regulations for banks are changing, and some of the industry’s biggest players would rather bring employees in five days a week than make the effort to comply—including making regular inspections of workers’ homes. During the pandemic,...

Families of slain Uvalde victims sue Meta, ‘Call of Duty’ maker, and gun manufacturer: ‘This three-headed monster knowingly exposed him to the weapon’

The families of a group of victims from the Uvalde school shooting announced new lawsuits Friday against Instagram parent company Meta Platforms, the maker of the video game “Call of Duty” and the gun company that made the assault rifle...

7 Pieces of Content Your Audience Really Wants to See [New Data]

As a marketer, one of my goals is understanding the different types of content that resonate with my audience. With that in mind, I went over HubSpot’s recent Consumers Trends Report, which surveyed what types of content marketers...