A substantial infusion of new inventory in the housing market in time for the spring homebuying season is good news. The number of new listings of existing homes on Zillow, an online real-estate marketplace, rose by 20.8% in February compared with the same time last year and listings are up 20% from January, Zillow's Housing Market Report for February shows. Competition for homes also remains robust, with homes that sold in February doing so in 17 days.
The three metros where the greatest number of sellers are getting into the market compared with last year are Dallas (up 50.7%), Minneapolis (40.4%), and Austin, Texas (37.1%).
New listings are coming on strongest compared to last year in the South – especially Texas and Florida. Substantial new construction in these areas is likely helping to free up existing homeowners and the market in general.
Total inventory is increasing significantly as well – up 12% compared to last year nationally and far more. In the South: Annual increases are highest in Dallas (up 39%), Tampa (31%), Orlando (30%), and Miami (29%).
Ultimately, limited supply means retirees looking to relocate or downsize will still be able to capitalize on near-record high home equity across the country.
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