That’s how many fewer homes there are for sale in the suburbs of the 10 largest U.S. metro areas than at this time last year, according to a Realtor.com analysis.
While super-low mortgage rates and the prevalence of remote work is fueling an overall shortage in the housing market, demand in the suburbs is outstripping supply at a much greater rate than in urban areas, the analysis shows. Looking just at the country’s 10 largest metro areas, the inventory of homes listed for sale in the final week of August fell 13.4% in the urban parts and 40.2% in the suburban parts. The pace of declines is generally slowing in the urban parts, while it continues to nosedive in suburban parts.
“Whether driven by a desire for more space, less dense neighborhoods, lower prices, or new-found freedom to work remotely, home shoppers showed an increasing preference for suburban real estate as they returned to the market,” Sabrina Speianu, a senior economic research analyst at Realtor.com, wrote in a research report this week.