The gap between the homes consumers want and the homes available for sale continues to grow in many markets across the U.S., according to the latest Mismatched Markets report from Trulia.
In order to examine the widening gap, Trulia compared home searches with for-sale inventory on Trulia between April and June of 2017, and compared it with that same period last year.
The data showed potential homebuyers continue to struggle when looking for starter and trade-up homes, but expensive luxury homes are flooding into the market. Trulia’s national mix-match score for all homes increased from 92 last year to 14.7.
The total share of starter and trade-up homes dropped to 45.8% this year, down from last year’s 46.5%, even as the share of searches for these homes increased from 55.6% to 60.5% during the same time period.
As starter and trade-up homebuyers see falling number of homes available, with shortfalls of 8 and 6.7 percentage points respectively, luxury homes saw a surplus of 14.7 percentage points nationally.