A brief excerpt:
And here is a table for new listings in June. For these areas, new listings were up 4.4% YoY.
Last month, new listings in these markets were up 5.9% YoY. New listings have increased over the last two months – new listing were down YoY as recently as April – but overall, we aren’t seeing a huge increase in new listings in these markets.
However, several markets are seeing a surge in new listings – Austin, Las Vegas, Phoenix and mid-Florida (Tampa, Orlando) are examples. A combination of less demand, and more new listings, is really pushing up inventory in these areas.
These are all formerly “hot” markets and perhaps some people are just trying to cash out in these markets after the huge increase in prices. Or it could be a leading indicator of more listings to come in other areas. This is something to watch.
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