Housing market inventory update: Florida's inventory jumps, Nevada's inventory dips

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Inventory data matters—A LOT

If active listings begin to rise quickly, in theory, it can signal a weakening market. If active listings begin to fall quickly, in theory, it can signal a strengthening housing market.

As ResiClub reported last week, the number of active U.S. homes for sale in February 2024 (664,716) is up +15% on a year-over-year basis from February 2023 (579,264). However, active inventory for sale is still down -40% from pre-pandemic February 2019 (1,102,660).

Regionally speaking, the year-over-year shift varies a lot.

In Nevada, active listings are down -32.0% on a year-over-year basis as markets like Reno and Las Vegas tightened up following a brief home price correction in the second half of 2022.

Meanwhile, active listings are up +45.8% in Florida on a year-over-year basis, as Southwest Florida markets like Cape Coral and Punta Gorda continue to soften.

Click here to view an interactive version of the map below

5 states where active listings are UP the most on a year-over-year basis:

• Florida: +45.8%

• Mississippi: +28.0%

• Louisiana: +28.0%

• Alabama: +27.0%

• Arkansas: +23.2%

5 states where active listings are DOWN the most on a year-over-year basis:

• Nevada: -32.0%

• Illinois: -9.8%

• New Jersey: -9.1%

• Idaho: -9.0%

• Rhode Island: -7.8%

In ResiClub’s view, active listings serve as a pulse of supply and demand in a given market.

Generally speaking, housing markets where inventory (i.e. active listings) has returned to pre-pandemic levels have experienced weaker home price growth (or outright declines) over the past 20 months. Conversely, housing markets where inventory remains far below pre-pandemic levels have, generally speaking, experienced stronger home price growth over the past 20 months.

ResiClub PRO members can access inventory change figures down to the metro and county levels via the updated Lance Lambert Inventory Tracker.

What's happening in Florida's housing market? We recently conducted two in-depth analyses of Florida's housing market for our ResiClub PRO members.

Florida deep dive: Part 1

Florida deep dive: Part 2