After falling at the start of 2022, active inventory is on the rise in some of the nation’s most popular housing markets. Of the 40 markets tracked in Bill McBride’s CalculatedRisk Newsletter, Denver, Las Vegas, and Nashville, Tenn., posted the strongest annual inventory gains of 208.2%, 231.6%, and 191.2%, respectively.
Though active inventory is rising at a steady pace, new listings are falling in those same metros thanks to cooler demand from local buyers. New listings were down 17.8% year-over-year in Denver and 24.2% in Las Vegas.
For these areas, new listings were down 30.0% YoY. Potential sellers that are locked into their current homes with low mortgage rates has pushed down new listings.
Last month, new listings in these markets were down 19.7% YoY. This is a larger YoY decline in new listings, and similar to the YoY decline in December.
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