When assessing home price momentum, it's important to monitor active listings and months of supply. A rapid increase in active listings as homes linger on the market may signal future pricing weakness, while a sharp drop could indicate a heating market.
Despite spiked mortgage rates and affordability challenges, the limited existing inventory has prevented substantial regional home price corrections.
National active listings have risen by 30% from April 2023 to April 2024. However, housing market inventory remains notably lower, 35% below April 2019 levels.
In Nevada, active listings decreased by 12% year-over-year, while Florida experienced a 64% increase. Southwest Florida, particularly areas like Cape Coral and Fort Myers, saw a surge in inventory due to Hurricane Ian's impact.
#home-price-momentum #housing-market-inventory #regional-market-dynamics #mortgage-rates #affordability
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