Home sales rebound where supply has surged
Southern markets with plenty of choices lead the
- Home sales rose the most over the year in
Austin , according to Zillow, where inventory is a nation-leading 52% above pre-pandemic averages. - Homes are typically selling after 17 days — roughly in line with pre-pandemic norms.
- Inventory has fully recovered in 19 major metros — concentrated in the South and West — where sales growth is strongest.
"After years of low supply, markets with restocked shelves are seeing relatively stronger sales growth," said Zillow Senior Economist Orphe Divounguy. "Construction boomed across the
Buyers' dollars go further in this housing market than they did last year; at the national level a typical monthly mortgage payment is 3.4% lower than
The rising costs of everything else are one limiting factor, straining budgets and pausing major purchases. Inventory is another. There were 3.7% more active listings in April compared to the year prior, but inventory remains 18.7% below historical norms.
In areas that responded to the surge in demand by building additional housing, inventory has recovered faster. Housing inventory now exceeds pre-pandemic norms in 19 of the 50 most populous
"A lack of supply and stretched consumer budgets are contributing to lower sales volumes," Divounguy said. "The lack of inventory has prevented a larger price correction and limited improvements in affordability. And ultimately, shoppers can't buy what isn't for sale."
Higher inventory tends to put downward pressure on prices. And where income growth has outpaced price growth in recent years, housing affordability has also improved most. Compared to a year ago, the typical monthly mortgage payment has fallen 9.8% in
Nationwide, the pace of home sales at the listing level is very close to pre-pandemic norms — the median age of inventory is one day less and listings that do go pending typically do so one day faster than in 2018-2019. The big differences are sales totals, inventory and new listings, which are down 18%, 19% and 16%, respectively, in April.
Metro Area* | Existing Home | Existing Home | Inventory | New Listings | Typical Monthly |
-17.7 % | 2.3 % | -18.7 % | -16.3 % | -3.4 % | |
-27.3 % | -8.7 % | -48.5 % | -35.5 % | 0.0 % | |
-25.5 % | -1.9 % | -11.7 % | -19.3 % | -4.0 % | |
-23.4 % | 10.1 % | -54.5 % | -38.3 % | 0.1 % | |
-10.2 % | 8.6 % | 11.9 % | -7.5 % | -7.4 % | |
-13.4 % | 3.3 % | 18.5 % | -5.6 % | -5.9 % | |
-19.7 % | 2.8 % | -28.4 % | -18.8 % | -4.5 % | |
-24.8 % | -7.7 % | -45.4 % | -24.4 % | -1.5 % | |
-19.7 % | 6.6 % | -8.1 % | -17.7 % | -7.3 % | |
-28.8 % | -4.5 % | 8.1 % | -16.0 % | -6.2 % | |
-16.3 % | -2.3 % | -18.6 % | -11.0 % | -2.6 % | |
-28.1 % | 6.1 % | -5.6 % | -14.5 % | -5.7 % | |
-14.7 % | 7.2 % | 6.6 % | -10.2 % | -5.4 % | |
-33.7 % | -3.6 % | -20.6 % | -25.5 % | -5.1 % | |
-21.5 % | -5.4 % | -21.0 % | -23.1 % | -1.1 % | |
-31.9 % | -6.1 % | 15.1 % | -4.6 % | -5.8 % | |
-15.2 % | 1.1 % | -12.9 % | -11.8 % | -2.0 % | |
-27.4 % | -0.9 % | -19.1 % | -22.5 % | -5.4 % | |
-23.4 % | 2.4 % | 15.6 % | -8.8 % | -7.6 % | |
-14.6 % | 7.2 % | 26.1 % | -8.0 % | -7.0 % | |
-13.3 % | -0.2 % | -42.6 % | -25.7 % | -3.2 % | |
-17.6 % | -2.3 % | -46.0 % | -23.4 % | -1.3 % | |
-29.1 % | 1.0 % | 24.8 % | -12.3 % | -7.3 % | |
-21.6 % | -2.4 % | 28.0 % | -0.4 % | -4.5 % | |
-18.6 % | 11.7 % | 32.7 % | -4.2 % | -6.0 % | |
-22.0 % | 5.8 % | -8.8 % | -17.9 % | -5.1 % | |
-28.4 % | 3.9 % | -16.2 % | -20.6 % | -5.8 % | |
-22.0 % | -8.3 % | -37.4 % | -12.7 % | -3.0 % | |
-19.6 % | -2.7 % | -23.5 % | -8.1 % | -1.5 % | |
-10.2 % | 20.0 % | 52.4 % | -1.4 % | -9.8 % | |
-32.8 % | -5.0 % | -9.5 % | -25.2 % | -6.5 % | |
-11.1 % | 3.3 % | -36.1 % | -22.0 % | -0.8 % | |
-13.8 % | 3.3 % | -8.6 % | -7.6 % | -2.8 % | |
-14.9 % | 3.9 % | 3.6 % | 13.5 % | -2.7 % | |
-12.9 % | 4.0 % | -52.3 % | -27.6 % | 0.2 % | |
-17.0 % | -3.2 % | 13.4 % | -6.5 % | -5.6 % | |
-2.3 % | 8.8 % | 22.7 % | 14.0 % | -4.8 % | |
-1.7 % | -3.2 % | -41.2 % | -14.5 % | -1.8 % | |
-37.0 % | -8.0 % | -54.1 % | -30.1 % | -1.1 % | |
-19.5 % | 4.8 % | 2.8 % | -17.7 % | -5.8 % | |
-14.2 % | 14.4 % | -27.9 % | -11.1 % | 1.1 % | |
-0.9 % | 3.9 % | -4.4 % | -10.5 % | -2.9 % | |
-21.5 % | 7.4 % | 22.3 % | 5.6 % | -6.2 % | |
17.1 % | 0.4 % | -4.0 % | |||
-5.9 % | 12.7 % | -33.2 % | -11.6 % | -2.0 % | |
-16.4 % | 7.8 % | -6.7 % | 2.4 % | -1.9 % | |
37.6 % | 12.7 % | 50.6 % | 28.1 % | -1.5 % | |
10.7 % | -11.5 % | -2.6 % | |||
-27.9 % | -8.6 % | -70.0 % | -48.1 % | 0.9 % | |
-34.7 % | -6.8 % | -40.8 % | -21.5 % | 0.4 % | |
-19.8 % | -1.8 % | -10.9 % | -16.1 % | -2.3 % | |
*Ordered by market size | |||||
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