Over the past five years, housing inventory has steadily declined nationally. But to see what is really going on you need to look at the local level.
Across the United States, the number of houses available to buy has diminished over the last five years. The decline started when mortgage rates were extremely low and has persisted during this year’s rapid rise in rates.
This is a national phenomenon. During the peak housing market five years ago, July 2017, there were more than 1.7 million total listings nationally. In the same month of 2022, just under 1.2 million homes were up for sale. That’s a decline of 31%. In March of 2022, El Paso County, Texas.; Wake County, which contains Raleigh, N.C.; and Clark County, Nev., which encompasses Las Vegas, each saw a decline of more than 70% in housing inventory from 2017. They were the three counties with the biggest decline in large counties that MarketWatch surveyed — counties with at least 5,000 total listings in any month in 2017.
According to a November report by Realtor.com, the U.S. is short 5.8 million homes based on household formations and single-family home construction.Smaller counties are experiencing the same fate as large ones. Out of the 606 counties classified as “small” by MarketWatch’s analysis, 458 of them experienced a housing inventory decline of more than 20% from five years earlier during the July peak.
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