During the pandemic housing boom, from summer 2020 to spring 2022, the number of active homes for sale in most housing markets plummeted as homebuyer demand quickly absorbed almost everything that came up for sale.
Fast-forward to the current housing market, and the places where active inventory has rebounded to 2019 levels (due to strained affordability suppressing buyer demand) are now the very places where homebuyers hold the most power.
Among the nation's 400 largest metro area housing markets, 59 markets ended November 2024 with more active homes for sale than they had in pre-pandemic November 2019.
The housing market softening in these areas was further accelerated by the abundance of new home supply in the pipeline across the Sun Belt.
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