Realtor.com’s April market report shows that while the inventory problem is still a problem, it’s finally starting to become less of a problem. Here were the most notable takeaways from that report:
Nationally, the inventory of homes actively for sale on a typical day in April decreased by 12.2% since April 2021, a smaller rate of decline compared to the 18.9% drop from March 2021.
While inventory declined in 42 out of 50 of the largest metros compared to last year, 8 metros saw inventory growth, up from 6 last month.
Metros which saw the most inventory growth include Riverside (+23.3%), Austin (+16.5%), and Sacramento (+11.8%). Seventeen metros also saw the number of newly listed homes increase compared to last year.
This is a good sign. Finally, we could be returning to normal. It’s definitely been abnormal to see homes getting 30+ offers. Inventory has been the talking point of this industry for the past 18 months, and we all know that if the supply can match the demand, it will be better for our industry in the long run. This is amazing news for anyone who has been priced out of the market because of bidding wars. This could be your time to get back into the mix.