Record Housing Inventory Boost: 35.2% More Homes for Sale in Tampa, Phoenix, and Orlando Amidst Persisting Affordability Challenges

Texas, Texas, United States United States of America
Despite the increase in inventory, housing remains unaffordable due to high mortgage rates and prices that have risen significantly since 2019.
Inventory is expected to continue growing and mortgage rates are expected to decline over the next year.
Notable inventory increases occurred in Tampa (87.4%), Phoenix (80.3%), and Orlando (78.0%).
Price per square foot also saw a significant jump of 52.7% during the same period.
The national median listing price in May 2024 was $442,500, a 37.5% increase from its pre-pandemic level in May 2019.
There were 35.2% more homes for sale in May 2024 than a year earlier.
Record Housing Inventory Boost: 35.2% More Homes for Sale in Tampa, Phoenix, and Orlando Amidst Persisting Affordability Challenges

The housing market is experiencing a shift towards more affordability, with an increase in the number of homes for sale across the country. According to Realtor.com's May 2024 housing trends report, there were 35.2% more homes for sale than a year earlier. This trend was observed in all regions of the US, with some metro areas experiencing significant growth in inventory.

The most notable increases were seen in Tampa (87.4%), Phoenix (80.3%), and Orlando (78.0%). In contrast, only 12 metros saw inventory exceed pre-pandemic levels, including Austin (+33.6%), San Antonio (+31.8%), and Denver (+22.0%)

Despite the increase in inventory, housing remains unaffordable for many due to high mortgage rates and prices that have risen significantly since 2019.

According to Realtor.com's data, the national median listing price in May 2024 was $442,500, a 37.5% increase from its pre-pandemic level in May 2019. Price per square foot also saw a significant jump of 52.7% during the same period.

However, there is some good news for potential homebuyers as inventory continues to grow and mortgage rates are expected to decline over the next year.

It's important to note that while this trend is positive for buyers, it may not be a complete solution to the housing affordability crisis. Prices and mortgage rates remain high, making it challenging for many Americans to purchase homes. Additionally, inventory levels still lag behind pre-pandemic levels in most areas.

Sources: Realtor.com (November 2021 and September 2023 housing trends reports) USA TODAY Medora Lee


Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image

Confidence

90%

Doubts
  • Are there any specific reasons why inventory increased significantly in Tampa, Phoenix, and Orlando?
  • Is the trend towards more affordability sustainable?
  • What factors are contributing to the high mortgage rates?

Sources

100%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

High prices and mortgage rates have plagued the housing market. Now, a welcome shift

USA Today Sunday, 09 June 2024 00:00
  • Unique Points
    • In May, there were 35.2% more homes for sale than a year earlier.
    • There was a 46.6% increase in homes priced between $200,000 and $350,000 across the country year-over-year.
    • The metro areas with the most growth in inventory were Tampa (87.4%), Phoenix (80.3%), and Orlando (78.0%).
    • Only 12 metros saw inventory exceed pre-pandemic levels, including Austin (+33.6%), San Antonio (+31.8%), and Denver (+22.0%)
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication

93%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

The number of US homes for sale is slowly returning to normal

Fox Business Network Megan Henney Sunday, 09 June 2024 16:10
  • Unique Points
    • The number of homes for sale on the market is returning to normal, with a 6.2% increase in May compared to the same time last year.
    • Housing inventory was at the highest level since 2020 during the first five months of the year.
  • Accuracy
    • There were 35.2% more homes actively for sale in May than one year ago.
    • Most homeowners are nearly twice as willing to sell their home if their mortgage rate is 5% or higher.
  • Deception (80%)
    The article provides factual information about the increase in the number of homes for sale and the current state of housing inventory. However, there are instances of selective reporting and emotional manipulation that lower the score. The author states 'The lack of available homes for sale is keeping prices uncomfortably high, even though mortgage rates are hovering near the highest level in two decades.' This statement is emotionally manipulative as it implies that the lack of homes for sale is solely responsible for high prices, when in fact other factors such as supply and demand also play a role. Additionally, the author states 'Most homeowners say they are nearly twice as willing to sell their home if their mortgage rate is 5% or higher.' This statement selectively reports data from a Zillow survey without providing context about the sample size or methodology of the survey. It could potentially mislead readers into believing that a large majority of homeowners are eager to sell, when in fact this may not be the case.
    • Most homeowners say they are nearly twice as willing to sell their home if their mortgage rate is 5% or higher.
    • The lack of available homes for sale is keeping prices uncomfortably high, even though mortgage rates are hovering near the highest level in two decades.
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

91%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Texas Housing Market Gets a Boost

Newsweek LLC Giulia Carbonaro Wednesday, 05 June 2024 12:54
  • Unique Points
    • Texas housing inventory has returned to pre-pandemic levels according to ICE and Realtor.com data
    • Texas had increased its housing inventory by 2% as of May compared to May 2019
  • Accuracy
    • ]Texas housing inventory has returned to pre-pandemic levels according to ICE and Realtor.com data[
    • There were 35.2% more homes for sale than one year ago.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (95%)
    There are a few instances of inflammatory rhetoric and appeals to authority, but overall the article is well-structured and presents data without egregious logical fallacies. The author cites specific reports from the ICE and Realtor.com to support their claims about Texas' housing market recovery.
    • . . .the two states that have been building the most homes in recent years.
    • Compared to May 2019, Texas had increased its housing inventory by 2 percent as of May—the only boost in supply in the country, while the rest of the country reports drops compared to pre-pandemic levels.
    • States like Texas and Florida are building more homes than others like California because they have less regulation.
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

95%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Housing Inventory: Active Listing Count in the United States

FRED (Federal Reserve Economic Data) Sunday, 09 June 2024 16:13
  • Unique Points
    • Realtor.com released its November 2021 and September 2022 housing trends reports.
    • New methodology for capturing and reporting housing inventory trends and metrics was incorporated in the reports.
    • Data released since December 2021 (November 2021 report) and October 2023 (September 2023 report) is not directly comparable with previous data releases.
    • Future data releases, including historical data, will consistently apply the new methodology.
  • Accuracy
    • ]Realtor.com released its November 2021 and September 2022 housing trends reports.[
    • Most areas will see minor changes, while a smaller handful will see larger updates.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication