Disclaimer: This article is accurate and true to the best of my knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
For a long time, supply simply did not meet demand when it came to housing. While that is still true in many cases, there are plenty of cities where more homes are now for sale.
It's important to note that Redfin limited its analysis to major cities in the U.S. with a population of 750,000 or more.
Here are the ten metropolises where housing supply has risen the most over the past year:
- North Port, Florida: 34%
- Colorado Springs, Colorado: 31.5%
- Austin, Texas: 26.9%
- Nashville, Tennessee: 25.3%
- Stockton, California: 21.9%
- Phoenix, Arizona: 21%
- Tacoma, Washington: 19.9%
- Las Vegas, Nevada: 17.7%
- Chicago, Illinois: 17.6%
- Fort Worth, Texas: 17%
Nonetheless, it's crucial to take into account that inventory is not rising in every city across the country. It's also essential to remember that prices continue to increase in many places. In short, it's still a sellers' market, so just keep that in mind if you are planning to purchase a home: What's best for you might be different than what's best for someone else, depending on your short-term and long-term goals, your budget, and your priorities in life.
You may want to keep in mind that real estate investing is significantly more profitable than simply purchasing one residence for yourself or your family, so it might be an ideal time to continue renting, although finding something for a decent price would be ideal, and rents are certainly rising.
Experts expect that mortgage rates and rents will continue increasing until the end of this year.
"...Prices are still rising in many cities — albeit at a slower pace than they did in 2021 — and experts expect them to keep rising through the end of the year. In many ways, it’s still a seller’s market out there, at least for the moment.” —Robert Heck (VP of mortgage at online mortgage marketplace Morty)