When assessing home price momentum, it's important to monitor active listings and months of supply. If active listings start to increase rapidly as homes remain on the market for longer periods, it may indicate potential future pricing weakness. Conversely, a rapid decline in active listings could suggest a market that is heating up.
Generally speaking, housing markets where active inventory has returned to pre-pandemic levels have experienced weaker home price growth over the past 24 months. Conversely, housing markets where active inventory remains far below pre-pandemic levels have, generally speaking, experienced larger home price increases over the past 24 months.
We are starting to see the number of national active listings rise (up 36.7% from June 2023 to June 2024); however, we're still well below pre-pandemic levels (down 31.1% below June 2019).
The biggest inventory increase in the state is concentrated in sections of Southwest Florida-in particular, in markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022.
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