Affordable homeownership opportunities in February were more abundant compared to one year earlier, according to Realtor.com’s housing report for February.
Last month, homes in the $200,000 to $350,000 price range grew by 20.6% compared to February 2023, outpacing all other price categories. Prospective buyers also had a greater chance to secure discounted properties – the percentage of homes with price reductions increased from 13.2% in February of last year to 14.6% this year, marking the first time the share of price reductions had increased over the previous year since May 2023.
Realtor.com reported there were 14.8% more homes actively for sale on a typical day in February compared to the same time in 2023, which marks the fourth consecutive month of annual inventory growth.
The inventory of homes actively for sale increased year-over-year in 29 out of 50 of the largest metros, with the greatest growth in three Florida markets: Orlando (38.5%), Miami (37.4%) and Tampa (36.3%).
“The first couple of months of 2024 have proven to be positive for inventory levels, as the number of homes actively for sale was at its highest level since 2020,” said Danielle Hale, chief economist of Realtor.com. “While the country is still well below pre-pandemic levels, the South is leading the charge, moving faster than other parts of the country, largely driving the increase in availability of homes priced between $200,000 and $350,000, a price category that saw the most year-over-year growth nationally.”
