Home sales in southern metro markets have led the U.S. in annual sales growth due to increased inventory leading to more options, according to a report from Zillow. Austin, Texas tops the list of 50 major metro areas for annual sales growth (20%) and inventory added over pre-pandemic norms (52%). Nationwide home sales increased 2.3% year-over-year in April.
Homes are typically spending 17 days on the market, closer to pre-pandemic timelines, the report said, adding that “inventory has fully recovered in 19 major metros—concentrated in the South and West—where sales growth is strongest.”
The report attributes slow and declining growth in other areas to strained budgets and inventory challenges. “There were 3.7% more active listings in April compared to the year prior, but inventory remains 18.7% below historical norms,” it said.
Read the full report here.
