There were 23.5% more homes actively for sale on a typical day in March compared with the same time in 2023, marking the fifth consecutive month of annual inventory growth.
For the first three months of this year, the inventory of homes actively for sale was at its highest level since 2020. However, while inventory this March is much improved compared with the previous three years, it is still down 37.9% compared with typical 2017 to 2019 levels.
The inventory of homes actively for sale increased in 45 out of 50 of the largest metros compared with last year, and in four large metros, inventory was above pre-pandemic levels. Metros that saw the most inventory growth included Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%). In large Florida metros, the growth in inventory was primarily driven by an increase in the availability of attached homes (condos, townhomes, or row homes).
Mortgage rates continued rising this week. Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.
