Home Listings Climb to Post-Pandemic High

In July 2024, the housing market saw its highest level of inventory since the pandemic, according to new data from Realtor.com. The number of homes actively listed for sale increased 36.6% compared to July 2023, marking a major shift in supply. At the same time, 18.9% of listings had price reductions, the highest share seen since October 2023.

The total number of homes for sale in July 2024 rose by 22.6%, just slightly above June 2024's 22.4% increase, and it marked the ninth month in a row that inventory has grown. Regionally, the South and West led the surge in listings with year-over-year gains of 47.6% and 35.4%, respectively. In contrast, the Midwest and Northeast are still struggling to recover to pre-pandemic inventory levels—stock was down in July 2024 by 46.8% in the Midwest and 55.5% in the Northeast compared to pre-2020 levels.

Even though more homes are hitting the market, buyers are taking longer to make decisions. In July 2024, the average home spent 50 days on the market, making it the fourth consecutive month where homes remained unsold longer than they had during the same months in 2023.

One of Realtor.com’s senior economists noted that this rise in inventory and increase in price cuts are both signs that the housing market is starting to correct itself. After several years of low supply and intense competition, the market in 2024 is beginning to move toward a healthier and more balanced state.