U.S. house hunters frustrated by a shortage of listings should consider the Sunshine State.
While overall U.S. home inventory continued to decline in July on a year-over-year basis, a fifth of the nation’s 100 largest markets saw increases in supply, according to a report Wednesday from real estate search engine Trulia. Half of the top 10 gainers were communities in Florida. Cape Coral-Fort Myers and Miami led the country with advances of 37 percent and 33 percent, respectively. Two other markets in the greater Miami area – West Palm Beach and Fort Lauderdale – saw increases, at 18 percent and 16 percent. Tight inventory, combined with the struggles to save for a down payment and build credit to meet strict standards, has prevented prospective home buyers from making a purchase, even as mortgage rates hover near historic lows. Overall inventory is down by more than 8 percent since the third quarter of 2014, and has been on the decline over the past several years in many of the largest markets, according to the data compiled by Trulia.