Across the U.S.’s red-hot competitive housing market, real estate supply shortages are being exacerbated in a majority of the largest cities by property investors, according to a report released Thursday by realtor.com.
Investors are contributing to inventory shortages in 31 of the top 50 largest metropolitan areas, the online property portal said in their release, which analyzed U.S. deed records.
The areas where investors—a designation that included individual investors, REITs and limited liability companies—are taking away inventory are those where they’re buying more homes than they sell.
Phoenix was the city where investors contributed most to supply shortages, taking a net total of 429 homes off the market in April. Charlotte, North Carolina, ranked as the second most impacted metro area, where investors left a dent of 287 homes, the report said.
Miami; Tampa, Florida; and Chicago rounded out the top five.
