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Where real estate markets are rapidly cooling

Where real estate markets are rapidly cooling

Certain metropolitan areas sizzled during the height of COVID-19. As a result, prices skyrocketed and available homes became scarce. Yet now, those markets are seeing a significant uptick in properties for sale.

Overall, the number of homes for sale in the 50 largest U.S. metros jumped 41% in July. (Metros include the central city, surrounding suburbs, towns, and smaller urban areas.) That percentage means buyers had 176,000 more houses to choose from than last year.

Some metros that experienced booming demand during the pandemic saw a massive spike in the number of homes hitting the market in July. Need proof? Inventory in the boom towns of Phoenix; Austin, TX; and Raleigh, NC, jumped 158.7%, 154.5%, and 137.5%, respectively.

“Phoenix is seeing a large increase in active listings at the moment,” says Adam Gitter, a real estate professional with The Brokery in Phoenix. “I’m advising sellers to anticipate a longer time on the market. The days of multiple offers within the initial days of a listing may be their expectation. But patience is key in today’s market, even when a home is priced and marketed well.”

So do these formerly impenetrable metros seeing such a massive rise in inventory foretell a shift from a raging seller’s market to a buyer’s market at long last?

Not exactly.

“What we’re seeing with these huge inventory spikes is a quick return to what was normal,” explains Hale. “These huge growth numbers illustrate just how far away from that level these areas had gotten over the past couple of years.”

In other words, the number of homes for sale is slowly returning to what it was in 2019. However, the number of active listings in July was still 45.4% lower than the pre-pandemic 2017 to 2019 average.

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