Happy New Year! We’re back with fresh data to share after the holidays. But first, a warm welcome to the 2,500+ new subscribers who signed up to get Altos reports and content in December. We’re glad to have you!
We’ve turned the corner of the new year, and this is probably the lowest inventory week for all of 2023. During the pandemic, inventory kept falling during January, February, and March as demand dramatically exceeded new supply. This year we’re getting back to normal behavior, with new listings hitting the market just after the first of the year. Some listings that were withdrawn over the holidays are back, many with lower prices.
But while buyers have significantly more selection than they’ve had in several years, we still ended 2022 with less than 500,000 single family homes on the market. This is 39% fewer than at the start of 2020 before the pandemic hit. At that time there were 782,000 homes on the market to start the year.
One thing to note is that some parts of the country, such as the Midwest and Northeast, still have very low inventory, while the biggest boom markets like Phoenix and Austin now have more inventory than they did pre-pandemic. So this spring is playing out to be very different depending on your local market.
Check out this week’s Altos update for all the latest market numbers.