Unsold inventory across major housing markets seems to have peaked for the season. According to real estate data platform Altos Research, unsold inventory across key housing markets—namely in Texas and Florida—has declined. This is likely due to falling interest rates and rising withdrawals, with Altos Research reporting approximately 30,000 to 35,000 withdrawals over the past few weeks, compared with 25,000 during the same time last year. Similarly, inventory climbed at 1.3% during this time last year because rates were rising. These two trends together are keeping a cap on inventory, especially compared with last year.
Even though inventory has probably peaked in Florida and Texas, the number of unsold homes across the whole country hasn’t topped out yet. What we’re seeing is maybe a rebalancing of the trends. In the first half of the year, we had a really bifurcated market. With the sun belt growing inventory quickly and the central and northeast remaining very restricted inventory. Places like Ohio and New York still have inventory growing. So the trends seem to be evening back out.
PB Topical Ref
