National Housing Inventory Down almost 50 Percent
Housing inventory in the United States was down 48.6 percent in February 2021 compared to February 2020, according to a realtor.com® report. This equates to about 496,000 fewer homes on the market this February compared to last February. At the same time, the national median list price was up 13.7 percent to $353,000.
When Texas metros saw severe winter weather the third week of February, new listings dipped dramatically: Austin new listings were down 87.8 percent compared to the prior year, Dallas new listings were down 79.8 percent, San Antonio new listings were down 77.2 percent, and Houston new listings were down 73.5 percent. For the month of February, active listings in Austin were down 73.7 percent.
Austin was tops in the nation for the largest decline in time spent on the market in February 2021. Median time on the market was down 36 days in Austin to 26 days. This compares to 48 days on the market for the 50 largest metros nationally. Of these same metros, time on the market decreased in the South by 18 days, the Northeast by 13 days, the West by 12 days, and the Midwest by 10 days.
The Texas state capital also had the highest February year-over-year median list price growth, with an increase of 37.2 percent to a median list price of $494,000. Rochester and Buffalo followed, with 27.6 percent and 25 percent growth, respectively. The only large metros to see a decline in February were Miami (-2.5 percent year-over-year), Denver (-1.7 percent), and Orlando (-1.1 percent).