Even with home prices not letting up, some markets have more homes for sale now than before the pandemic, according to a MarketWatch article.
The article cites Black Knight data that shows six cities out of 50— San Francisco, San Jose, Calif., Seattle, Portland, San Antonio and Kansas City—have more new listings now than they did pre-pandemic.
The analysis looked at the average of new listings — properties on the market for 14 days or less — from Jan-Apr 2022 vs. the average for Jan-Apr 2017-2019.
This could be a good sign, according to the article—if we are seeing more new listings, that may suggest that inventory could return (relatively) more quickly. Sales volumes also have to be taken into account in gauging that recovery.
The new listings could be driven by pandemic-related remote work shifting housing demand away from less affordable urban markets toward more affordable markets, experts told Fortune.
“Idaho, Utah, Nevada and Arizona have seen an influx of buyers from California. Even so, the tech capitals have such an intense shortage of homes for sale that prices haven’t retreated in those markets,” Bankrate analyst Jeff Ostrowski told Fortune.
But other experts like Zillow economist Nicole Bachaud said that more listings don’t mean you’ll be able to get what you want easily. “Despite high costs of housing, competition for the available inventory remains high in these markets,” she said.