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When assessing dwelling worth momentum, it’s necessary to observe energetic listings and months of provide. If energetic listings begin to quickly enhance as properties stay available on the market for longer durations, it might point out potential future pricing weak point. Conversely, a fast decline in energetic listings may recommend a market that’s heating up.
Nationwide energetic listings are on the rise (up 24.6% between January 2024 and January 2025). This means that homebuyers have gained some leverage in lots of components of the nation over the previous 12 months, with some markets even feeling like balanced or consumers’ markets on the bottom.
Nonetheless, nationally, we’re nonetheless beneath pre-pandemic energetic stock ranges (25.3% beneath January 2019), and a few resale markets nonetheless stay tight—however, that’s not the case anymore in lots of pockets of the Solar Belt and Mountain West.

Right here’s how the entire January stock/energetic listings (in response to Realtor.com) examine to current historic ranges:
January 2017: 1,154,120
January 2018: 1,043,951
January 2019: 1,110,636
January 2020: 951,675
January 2021: 531,775
January 2022: 376,970
January 2023: 616,865
January 2024: 665,569
January 2025: 829,376
Click here to view an interactive model of the map beneath.
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Among the many states with the largest stock jumps is Florida. As ResiClub nicely documented: In Florida, the biggest inventory increases initially over the past two years were concentrated in sections of Southwest Florida. Specifically, in markets like Cape Coral, Punta Gorda, and Fort Myers, which have been hard-hit by Hurricane Ian in September 2022. This mix of elevated housing provide on the market—the broken properties arising on the market—coupled with strained demand—the results of spiked dwelling costs, spiked mortgage charges, greater insurance coverage premiums, and better HOAs—translated into market softening across much of Southwest Florida.
Nonetheless, the stock will increase in Florida now expands far past Southwest Florida. Markets like Jacksonville and Orlando are additionally above pre-pandemic ranges, as are many coastal pockets alongside Florida’s Atlantic Ocean facet.
One purpose being that Florida’s condo market is coping with the after effects of regulation passed following the Surfside condo collapse in 2021. That is compounded by a slowdown in work-from-home migration to Florida and important home insurance shocks.
Click here to view an interactive model of the map beneath.
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In December 2024, 9 states have been again above pre-pandemic stock ranges: Arizona, Colorado, Florida, Idaho, Oklahoma, Tennessee, Texas, Utah, and Washington.
In January 2025, simply three states are above pre-pandemic ranges: Colorado, Florida, and Texas.
However the purpose the determine shrank isn’t that stock progress (after accounting for seasonality) has stalled. As an alternative, it’s attributable to a denominator impact—since stock shrank over the course of 2019, January 2019 had the next comparable denominator, whereas December 2019 had a decrease one.
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Why are Solar Belt and Mountain West markets seeing a quicker return to pre-pandemic stock ranges than many Midwest and Northeast markets?
One issue is that some pockets of the Solar Belt and Mountain West skilled even higher dwelling worth progress throughout the pandemic housing increase, which stretched prices too far past native incomes. As soon as pandemic-fueled migration slowed, and charges spiked, it turned a difficulty in locations like Colorado Springs and Austin.
Not like many Solar Belt housing markets, many Northeast and Midwest markets have decrease ranges of homebuilding. As new provide turns into accessible in Southwest and Southeast markets, and builders use affordability changes like buydowns to maneuver it, it has created a cooling impact within the resale market. The Northeast and Midwest don’t have that very same degree of latest provide, so resale/current properties are just about the one recreation on the town.
Large image: Over the previous few years we’ve noticed a softening throughout many housing markets as strained affordability tempers the fervor of a market that was unsustainably scorching throughout the Pandemic Housing Increase. Whereas home prices are falling in some areas around the Gulf, most regional housing markets are nonetheless seeing optimistic year-over-year home price growth. The large query going ahead is whether or not energetic stock and months of provide will proceed to rise and trigger extra housing markets to see outright worth declines.

Typically talking, native housing markets the place energetic stock has returned to pre-pandemic ranges have experienced softer home price growth (or outright worth declines) over the previous three years. Conversely, native housing markets the place energetic stock stays far beneath pre-pandemic ranges have, usually talking, skilled stronger dwelling worth progress over the previous three years.
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