Buyers are hunting for starter and trade-up homes in a housing market that has a surplus of expensive luxury listings.
Trulia reports that the housing market mismatch is widening, based on what buyers are looking for compared to what properties are actually available. On Trulia’s scale of 0 to 100, where 0 is perfectly matched and 100 is completely mismatched, the housing market mismatch score has risen to 14.7 from 9.2 over the past year.
The share of starter and trade-up listings has dipped to 45.8 percent from 46.5 percent a year ago, while searches for starter and trade-up homes has increased to 60.5 percent from 55.6 percent.
The mismatch gap grew in 88 of largest 100 metro areas, with the largest discrepancies in Richmond, Va., Columbus, Ohio, and Grand Rapids, Mich.
Detroit, Philadelphia, and Phoenix are among the 12 markets where the mismatch gap narrowed.
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