A
new report from Realtor.com reveals that housing inventory in many major metropolitan areas has surpassed pre-pandemic levels. Nearly half of the 50 largest US metros have seen a significant increase in active listings, with nearly all experiencing double-digit percentage gains. The top ten metro areas with the largest jumps in active inventory include Denver, Colorado, which saw a staggering 100% increase; Austin, Texas, up 69%; and Seattle, Washington, at 60.9%. Other notable cities on the list are Dallas-Fort Worth, Texas, San Antonio, Texas, and Nashville, Tennessee.

    According to Realtor.com's Chief Economist Danielle Hale, the surge in inventory is largely due to increased construction and a decrease in the time homes remain on the market. The national housing market appears to be shifting towards being more buyer-friendly, with over one million homes available for sale in May - a level not seen since 2019.

    The report highlights the growing divide between regions with rapidly normalizing housing conditions and those stuck in low-supply dynamics. Realtor.com notes that metros that have built more homes in recent years are experiencing stronger inventory growth, underscoring the importance of enabling housing construction to address supply gaps. The US is still contending with a supply gap of around 3.8 million homes, making affordability a major issue for many homebuyers.