As the housing market adjusts post-pandemic, several regional markets have seen a resurgence in active inventory, providing homebuyers with newfound leverage. Nationally, active housing inventory remains below pre-pandemic levels, yet 44 out of the largest 200 metro areas have surpassed 2019 inventory levels. Many of these areas, particularly in the Gulf Coast and Mountain West, are recovering from previous booms that inflated prices beyond sustainable income levels. Consequently, homebuyers in these regions are finding more favorable conditions and opportunities for negotiations as market balance shifts.
Many of the softest housing markets, where homebuyers have gained leverage, are located in Gulf Coast and Mountain West regions. These areas were among the nation's top pandemic boomtowns, having experienced significant home price growth during the pandemic housing boom, which stretched housing fundamentals far beyond local income levels.
Homebuyer demand quickly absorbed almost everything that came up for sale. Fast-forward to the current housing market, and the places where active inventory has rebounded to 2019 levels are now the very places where homebuyers hold the most power.
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