Map Reveals Cities Where Home Sales Are Soaring
Summary
Home sales are increasing fastest in several Southern and Midwestern U.S. cities where the number of homes for sale has risen above levels seen before the COVID-19 pandemic. Austin, Texas leads with a 20 percent rise in home sales thanks to more available homes and better affordability.Key Facts
- Austin, Texas had a 20 percent increase in home sales compared to last year.
- Austin also has 52 percent more homes for sale than before the pandemic.
- Other Texas cities saw sales rises: San Antonio 11.7%, Dallas 8.6%, Houston 3.3%.
- Nashville, Raleigh, Miami, Phoenix, and Denver also had good increases in home sales.
- Milwaukee, Richmond, New Orleans, Chicago, and Louisville outperformed in mostly Midwestern and Southern cities.
- Many Northeastern cities, including New York and Pittsburgh, saw home sales drop.
- The supply of homes has improved in 19 of the 50 largest U.S. metro areas, mostly in the South and West.
- The pandemic caused a surge in demand and low supply for homes, pushing prices up, but increased building in some areas has improved inventory and sales recently.
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