{"id":5958,"date":"2024-08-12T05:30:00","date_gmt":"2024-08-12T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/are-there-more-homes-for-sale-where-you-live\/"},"modified":"2024-08-12T05:30:00","modified_gmt":"2024-08-12T10:30:00","slug":"are-there-more-homes-for-sale-where-you-live","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/are-there-more-homes-for-sale-where-you-live\/","title":{"rendered":"Are There More Homes for Sale Where You Live?"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240809\/20240812-are-there-more-homes-for-sale-where-you-live-original.png?ssl=1\" alt=\"Are There More Homes for Sale Where You Live? Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear: both;max-width: 100%\" \/><\/p>\n<p>One of the biggest <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/18\/unlocking-homebuyer-opportunities-in-2024\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">bright spots<\/a> in today\u2019s <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/06\/28\/housing-market-forecast-for-the-2nd-half-of-2024-infographic\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">housing market<\/a> is how much the supply of homes for sale has grown since the beginning of this year.&nbsp;<\/p>\n<p><a href=\"https:\/\/www.realtor.com\/research\/july-2024-data\/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">Recent data<\/a> from <em>Realtor.com<\/em> shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That\u2019s a significant improvement. It gives you far more options for your move than you would\u2019ve had just a year ago. And with supply improving, you\u2019re also regaining a bit of <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/06\/helpful-negotiation-tactics-for-todays-housing-market\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">negotiation power<\/a>. So, if you\u2019re someone who thought about <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/16\/how-to-determine-if-youre-ready-to-buy-a-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">buying a home<\/a> over the last few years but was discouraged by how limited inventory was, this should be welcome news.<\/p>\n<p>As Lawrence Yun, Chief Economist at the <em>National Association of Realtors<\/em> (NAR), <a href=\"https:\/\/www.nar.realtor\/magazine\/real-estate-news\/median-sales-prices-reach-new-high#:~:text=%E2%80%9CIncreased%20housing%20supply%20spells%20good,compared%20to%20a%20year%20ago.\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">says<\/a>:<\/p>\n<blockquote><p>&nbsp;<em>\u201cIncreased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.\u201d<\/em><\/p><\/blockquote>\n<p>But just so you have perspective, even though inventory has grown, that doesn\u2019t mean we\u2019ve suddenly flipped to an <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/06\/13\/homebuilders-arent-overbuilding-theyre-catching-up\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">oversupply<\/a> of homes on the market. There are nowhere near enough homes for sale to make <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/08\/not-a-crash-3-graphs-that-show-how-todays-inventory-differs-from-2008\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">prices crash<\/a>. If you compare today\u2019s inventory levels to more normal, pre-pandemic numbers (2017\u20132019), there are still roughly 29% fewer homes actively for sale now (<em>see graph below<\/em>):<\/p>\n<p><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240809\/20240812-the-supply-of-homes-for-sale-is-improving-original.png?ssl=1\">So, while we\u2019re up by almost 37% year-over-year, we\u2019re still not back to how much inventory there\u2019d be in a normal market.&nbsp;<\/strong><\/p>\n<p>As Bill McBride, Housing Analyst for <em>Calculated Risk<\/em>, <a href=\"https:\/\/calculatedrisk.substack.com\/p\/part-1-current-state-of-the-housing-e39\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">explains<\/a>:<\/p>\n<blockquote><p>&nbsp;<em>\u201c . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.\u201d<\/em><\/p><\/blockquote>\n<p>But that\u2019s okay. It\u2019s to be expected. As a country, it\u2019ll take a while to get back to the typical level of homes for sale. And the good news for buyers is, in some select markets, it\u2019s closer to being a reality.<\/p>\n<p>Here\u2019s a rundown of what today\u2019s inventory growth looks like by region (<em>see graph below<\/em>):<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240809\/20240812-inventory-is-up-the-most-in-the-south-and-west-original.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240809\/20240812-inventory-is-up-the-most-in-the-south-and-west-original.png?ssl=1\" alt=\"No Caption Received\"><\/a>Real estate will always be hyper-local. If you want to find out what inventory numbers look like where you live, reach out to a <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/15\/why-working-with-a-real-estate-professional-is-crucial-right-now\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">local agent<\/a>. They\u2019ll be able to tell you what they\u2019re seeing and how it stacks up to the national market. You may find you have even <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/24\/a-newly-built-home-may-actually-be-more-budget-friendly\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue\">more opportunity<\/a> to move where you are.<\/p>\n<h3>Bottom Line<\/h3>\n<p>The supply of homes across the country is improving in a big way. As a buyer, that gives you more options for your home search, and ultimately, a better chance of finding what you like.<\/p>\n<p>So, what are you looking for in a home? And what\u2019s your budget? Reach out to a local agent to go over that together to find the options that may be right for you.<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the biggest bright spots in today\u2019s housing market is how much the supply of homes for sale has grown since the beginning of this year.&nbsp; Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That\u2019s a significant improvement. It [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5959,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-5958","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are There More Homes for Sale Where You Live?&#8212;NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/are-there-more-homes-for-sale-where-you-live\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are There More Homes for Sale Where You Live?&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"One of the biggest bright spots in today\u2019s housing market is how much the supply of homes for sale has grown since the beginning of this year.&nbsp; Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That\u2019s a significant improvement. 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