Homebuyers are facing a perfect storm of bad news: Home prices remain high, mortgage rates are soaring and inventory levels remain well below normal.
However, in a handful of markets, a ray of light has emerged. In these places, the number of homes for sale is finally starting to increase, according to a new report from Realtor.com.
Year-over-year inventory increased in 11 of the 50 largest U.S. metros during October, up from just two metros in September.
Here are the markets where it is getting a little easier to find a home.
1. Buffalo-Cheektowaga, New York
As of October, this metropolitan area:
- Saw a 13.7% year-over-year increase in new listings
- Had a median home listing price of $255,000
Buffalo is one of just three cities in the United States with a radial street pattern. That means that instead of being laid out in a traditional rectangular grid, the New York city spreads out in a series of concentric circles.
2. Miami-Fort Lauderdale-Pompano Beach, Florida
As of October, this metropolitan area:
- Saw a 11.3% year-over-year increase in new listings
- Had a median home listing price of $599,000
Miami is the only major U.S. city founded by a woman, a local businesswoman named Julia Tuttle. She did so by convincing a developer to extend the Florida East Coast Railroad deep into South Florida.
3. Birmingham-Hoover, Alabama
As of October, this metropolitan area:
- Saw a 5.3% year-over-year increase in new listings
- Had a median home listing price of $295,000
Birmingham is the only place in the world where all the elements necessary to make iron — coal, iron ore and limestone — are found in the same place.
Other metros with more new listings
Here is the rest of the list of the top 50 markets where homes are becoming a little easier to find:
- Rochester, New York: 5.1% year-over-year increase in new listings
- Tampa-St. Petersburg-Clearwater, Florida: 4.3%
- Louisville/Jefferson County, Kentucky-Indiana: 3.8%
- Orlando-Kissimmee-Sanford, Florida: 2.8%
- Charlotte-Concord-Gastonia, North Carolina-South Carolina: 2.6%
- San Jose-Sunnyvale-Santa Clara, California: 1.7%
- Richmond, Virginia: 0.7%
- Baltimore-Columbia-Towson, Maryland: 0.1%
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