Real estate, it’s said, is all about location – and it’s true. Especially, these days. The number of homes currently available for sale varies wildly in markets across the country. That means some markets, where inventory remains low, are seeing faster price increases and more competition than others where inventory has rebounded more quickly. So, which regions of the country have closed the inventory gap the fastest?
According to one analysis, the differences are pretty stark. For example, in the South, the number of homes available for sale is just 10 percent lower than pre-pandemic levels. Similarly, the West has rebounded within 13.3 percent of its pre-pandemic norm. The Midwest and Northeast, on the other hand, continue to face a significant gap, with midwestern markets down 43.6 percent from their 2017-2019 level and the Northeast still down 58.1 percent. One reason for the disparity is home building, which has been more robust in southern and western states. That’s helped to raise inventory levels – and calm price increases – more quickly in those areas.
[Source: MortgagePoint]
