Housing Inventory Levels on the Rise

The housing market has faced a severe shortage over the past two years, presenting immense challenges for prospective homebuyers due to limited inventory. However, recent trends indicate that the situation is gradually improving, offering a glimmer of hope for those seeking to purchase a property.

The current year has witnessed an escalation in the availability of residential properties on the market. The graph below, incorporating the most recent data from Realtor.com, illustrates that as of April 2024, there was a higher number of homes listed for sale compared to the previous three years spanning 2021 to 2023.

According to the analysis provided by Realtor.com:

“The data revealed a substantial 30.4% year-over-year increase in the number of residential properties actively listed for sale on an average day in April, signifying the sixth consecutive month where the available inventory has demonstrated an annual upward trajectory.”

While the expanding inventory presents a promising outlook, the question remains whether it truly alleviates the challenges faced by prospective homebuyers. The situation is nuanced. Leveraging the most recent weekly data from Calculated Risk, the accompanying graph illustrates that despite the recent growth, the number of available homes remains significantly lower than the levels observed during the last year considered normal for the housing market.

What Does This Mean for You?

For those who have been actively seeking to purchase a home but temporarily suspended their pursuit due to the lack of suitable options, the current landscape may present a broader array of choices compared to the limited inventory experienced over the past few years. However, it is crucial to temper expectations, as the available selection is unlikely to be overwhelmingly vast.

To explore the expanding possibilities, it is advisable to collaborate with a reputable local real estate agent you can trust. The real estate market is heavily influenced by geographic factors, and an experienced agent can provide valuable insights into the available properties within the specific area of your interest. As Bankrate explains:

"In the current landscape of home purchasing, securing the guidance of a real estate professional with comprehensive knowledge of your targeted local area, extending down to the nuances of your desired neighborhood, has become an imperative factor in successfully navigating the distinct intricacies and peculiarities inherent to that specific region."

Bottom Line

Partner with a local real estate agent who can keep you informed about everything that could affect your relocation, such as the current number of homes available for sale.