Thinking About Moving? These Five States Just Recorded Largest Housing Inventory Surges
Can't find a house to buy? The underlying problem remains a persistent housing shortage and elevated mortgage rates that have paralyzed the housing market nationwide.
However, don't fear ahead of the spring housing season. New housing data from industry researcher ResiClub reveals pockets of housing markets with increasing inventory (i.e., active listings), which means weaker home price growth and, thus, better affordability for homebuyers.
Last week, ResiClub reported that the number of active US homes for sale in February 2024 (664,716) was up +15% year-over-year from February 2023 (579,264). However, active inventory for sale is still 40% lower than its pre-Covid levels of 1,102,660.
The good news is that regionally speaking, taking a look at a 12-month inventory shift, these are the five states with the largest supplies coming onto the market in February:
Florida: +45.8%
Mississippi: +28.0%
Louisiana: +28.0%
Alabama: +27.0%
Arkansas: +23.2%
If you're a homebuyer, avoid these five states, as inventory remains extremely tight.
Nevada: -32.0%
Illinois: -9.8%
New Jersey: -9.1%
Idaho: -9.0%
Rhode Island: -7.8%
Here's a 12-month inventory shift of the nation between Feb. 2023 and Feb. 2024.
Year-over-year shift in active housing inventory for sale
— ResiClub (@ResidentialClub) March 14, 2024
Florida: +45.8%
Mississippi: +28.0%
Louisiana: +28.0%
U.S. +15.0%
New Jersey: -9.1%
Illinois: -9.8%
Nevada: -32.0%
Interactive map: https://t.co/LrJ1Nm4WMi
Article: https://t.co/WuxZZWp5s5 pic.twitter.com/2tGHKCPT5I
In summary, the best deals this spring could be in southern states.