In recent years, frustrated homebuyers have struggled to find good properties as the number of homes for sale has dried up from coast to coast.
But a ray of hope seems to be emerging. For the first time in nearly three years, the supply of homes for sale has increased nationwide, growing 2% in June, according to Redfin.
A combination of climbing mortgage rates, expensive home prices and a slipping economy has decreased demand for homes, which has led to the increase in homes for sale, Redfin says.
Daryl Fairweather, Redfin chief economist, expects the trend to continue. In a press release, he offers a suggestion:
“I advise sellers to commit: If you decide to sell, do it quickly before demand potentially falls further. And price carefully — this is not the time to test the waters. You’ll do more harm than good if you overprice and have to do a price reduction or take the home off the market.”
As the supply of homes on the market grows, some cities are seeing more “for sale” signs than others. Following are the cities where the number of homes for sale has increased the most year over year ending in June.
10. Fort Worth, Texas
City’s 12-month increase in the total number of homes for sale as of June: 17%
Everything is bigger in Texas — and that includes homes. Fort Worth is among the U.S. cities with the largest homes.
With any luck, today’s homebuyers will actually be able to find one of those homes now, rather than just dreaming about them.
9. Chicago
City’s 12-month increase in the total number of homes for sale as of June: 17.6%
As we noted last month, Chicago is among the “10 Markets Where Home Prices Now Are Falling.” As more inventory comes online, it’s possible prices will slip further.
8. Las Vegas
City’s 12-month increase in the total number of homes for sale as of June: 17.7%
The increase in supply of homes for sale here is good news for Fido: Las Vegas is among the “The Best Cities for Dog Lovers in 2022.”
7. Tacoma, Washington
City’s 12-month increase in the total number of homes for sale as of June: 19.9%
Those planning to buy in Tacoma may want to wait just a bit to see if big bargains on home prices are in the offing. Recently, the city was listed as one of the “5 Housing Markets at ‘Very High’ Risk of Falling.”
6. Phoenix
City’s 12-month increase in the total number of homes for sale as of June: 21%
As we have noted, Phoenix is among the “10 Markets With the Most Home Sales Getting Canceled.”
The fact that the market is cooling down is probably a relief to shoppers who struggled to find homes when this market was red-hot earlier this year.
5. Stockton, California
City’s 12-month increase in the total number of homes for sale as of June: 21.9%
A sudden chill has run through many housing markets in California. Six cities — including Stockton — are among the “10 Housing Markets That Are Cooling Fastest.”
4. Nashville
City’s 12-month increase in the total number of homes for sale as of June: 25.3%
Renters in Nashville are probably happy to see more homes for sale, as this city is among the “15 U.S. Cities Where Rents Have Risen the Most.”
3. Austin, Texas
City’s 12-month increase in the total number of homes for sale as of June: 26.9%
In recent years, Austin has been among the hottest housing markets in the U.S. So, homebuyers are sure to welcome the big jump in the number of homes for sale here.
2. Colorado Springs, Colorado
City’s 12-month increase in the total number of homes for sale as of June: 31.5%
Last month, Moody’s Analytics put Colorado Springs at No. 2 on its list of “10 Markets Where Home Prices Could Plummet by 20%.”
The year-over-year increase in homes for sale adds a bit of weight to that forecast.
1. North Port, Florida
City’s 12-month increase in the total number of homes for sale as of June: 34%
Over the past couple of years, new residents have streamed into Florida, causing home prices to jump in many places. But as more inventory comes online, home prices should moderate or even begin to fall a bit.
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