Trulia.com has released its first “Mismatched Markets” report, which gauges the price points that home seekers are looking to find in a given metro area. The report, which examines Trulia’s home listing search data from between 2015 and 2016, found that 10.4% of searches nationwide are for a price point that fails to match the available inventory. In many markets, potential buyers are looking for homes priced much lower than those that are available.
Houston is the most mismatched market by this standard. 31.2% of searches made for Houston-area homes are in lower price ranges relative to what is available. Honolulu is the most “well-matched” market, with only a 4.3% rate of market mismatch and an even 54.7% of searches conducted below market rate. Detroit sports a 16.2% market mismatch rate, but the majority of its home searches are for a higher price range than the properties that are available.