This article examines the current (December 2024) number of houses listed for a sale in each state, compared to its pre-pandemic level (December 2019). For states where CCM has projects, MN and Ohio are both on the low side (33% below Dec 2019), Georgia is about neutral (1% below Dec 2019) and Florida is a leader with a 17% increase since December 2019. The authors briefly examine the impact of supply levels (increase or not since Dec 2019) on pricing.
However, they also point out how active listings are growing – “Actives are mostly rising year-over-year because demand has cooled and homes are taking longer to sell – not because there’s a big surge in new listings”. They show a nice chart which demonstrates the large drop in new listings, attributable to the lock-in effect.
It’s nice to see another round of data supporting our belief that its unlikely that we’ll have a decrease in home prices any time soon in the markets in which we are engaged.
Source: Lambert, L. (January 07, 2025). 9 states are back above pre-pandemic housing inventory levels—these 5 states are getting close. ResiClub.
