With more Americans looking to buy as many existing homeowners are reluctant to list, housing inventory has fallen short across the country, but most in these metros. According to the New York Times, there are 38% fewer homes on the market across the 50 largest U.S. metros in the third quarter of 2020. Some areas had the least change, such as Las Vegas with a decrease of 11%, while five other metros saw 50% drops. At the top of this list was Salt Lake City with 57% fewer homes for sale in the third quarter of 2020 than in 2019’s third quarter.
“There’s a herd of interested buyers,” Ms. Renter noted. “Competition on affordable and really desirable properties is really fierce.” That’s been pushing up prices in areas with wide-ranging price points and types of homes. In fact, prices rose in all but two of these metro areas, regardless of each market’s overall affordability.
For example: In Pittsburgh, the third-least-expensive metro area (average list price: $250,445), prices were up 23 percent over a year, while in Los Angeles, the third-most-expensive metro (average list price: $998,056), prices were up by a similar 19 percent.
But if prices are so high, why aren’t more owners listing their homes and cashing in?
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