by Calculated Risk on 8/05/2024 11:02:00 AM

Today, in the Real Estate Newsletter: ICE Mortgage Monitor: Existing Home Inventory Surges in Florida and Texas

Brief excerpt:

The local data I track is indicating that Florida and Texas inventory is above normal, whereas inventory is still low in most of the country.

• Nearly every major market (98%) is seeing more for-sale inventory than at this time last year, with the largest rises in Tampa (+98%), Orlando (+82%), North Port (+80%) and Palm Bay, Fla. (+79%) and Denver (+78%)

• One in four major markets has at least 50% more inventory than last year, with one in five now at (or above) pre-pandemic inventory levels

• Lakeland, Fla., for example, had 58% more homes for sale in June than it did, on average, during the same month from 2017 to 2019, with Austin and San Antonio running second and third at 38% and 35% above pre-pandemic levels