Home sales are climbing fastest in several Southern and Midwestern cities where housing inventory has rebounded above pre-pandemic levels, according to new data from Zillow.
Austin, Texas, leads all major U.S. metros with a 20 percent annual jump in sales, as buyers benefited from a sharp increase in available homes and improving affordability.
The COVID Surge
The COVID-19 pandemic transformed the U.S. housing market by driving a surge in demand at a time when supply was already limited.
Record-low mortgage rates, remote work and shifting lifestyle preferences fueled intense competition for homes, particularly in southern and suburban markets, while construction delays and low inventory pushed prices sharply higher…