More than half of the states had inventory levels in May 2024 that were more than 40% below pre-pandemic (shades of blue), and 9 had inventory levels that were more than 60% below pre-pandemic. This number continues to improve as the months tick by.
Real estate is all local and I can report that in my market the inventory is up exponentially. Quality inventory is a different story.
Nearly one-third of the active listings in May 2024 came from two states:
Florida (18%) and Texas (13%).
Texas’ active inventory is now 2% ABOVE where it was in May 2019, and Florida’s active inventory is ONLY 4% below.
Not surprisingly, it is in the ‘green states’ on the map that we are seeing the greatest pricing pressure in certain cities.
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