If you’re following what’s happening in the current housing market, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory available to today’s buyers. Another reason is that the inventory of existing homes for sale is shrinking. According to the most recent Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 10.8% from the same time last year. That exceeds expectations and is great news. The troubling news from the report is that the sold inventory is not being replaced.
Why is inventory falling so dramatically?
A year ago, a combination of a government shutdown, stock market slump and mortgage rate spike caused a long anticipated inventory rise. That supposed boom turned out to be a short lived mirage as buyers came back into the market and more than erased the inventory gains. As a natural reaction, the recent slowdown in home values looks like it’s set to reverse back to accelerating growth right as we head into home shopping season with demand outpacing supply.
The supply of homes for sale is at a historic low. Buyer demand is surprisingly strong. Now would be a great time to sell.
Awni and Chantell Abbas
"AWNTEL"
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