Home listing inventory in suburban Sun Belt markets has increased by 22 percent year-over-year, offering buyers more choices and reducing the frantic bidding war environment that defined those markets in recent years. Phoenix, Austin, and Raleigh lead the gains.
Real estate agents report that homes are now sitting on the market for an average of 35 days in these areas, up from just 12 days at the peak of the pandemic-era frenzy. Price growth has moderated accordingly.
