Housing Inventory Hits 30Year Low

Dated: 08/09/2017

Views: 38

Housing Inventory Hits 30-Year Low

Housing Inventory Hits 30-Year Low

Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. Homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs.

New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,

“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”

CoreLogic’s President & CEO, Frank Martell added,

“Home prices are marching ever higher, up almost 50 percent since the trough in March 2011.

While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”

Overall inventory across the United States is down for the 25th consecutive month according to the latest report from the National Association of Realtors and now stands at a 4.3-month supply.

Real estate is local.

Market conditions in the starter and trade-up home markets are in line with the median US figures, but conditions in the luxury and premium markets are following an opposite path. Premium homes are staying on the market longer with ample inventory to suggest a buyer’s market.

Bottom Line

Buyers are out in force, and there has never been a better time to move-up to a premium or luxury home. If you are considering selling your starter or trade-up home and moving up this year, let’s get together to discuss the exact conditions in our area.

Blog author image

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Dec 11 2017 5018 1

Why Getting Pre-Approved Should Be Your First StepIn many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale.

Read More

Dec 8 2017 5018 1

3 Tips for Making Your Dream Home a Reality [INFOGRAPHIC] Some Highlights: Realtor.com shared their “5 Habits to Start Now If You Hope to Buy a Home.” Setting up an

Read More

Dec 7 2017 5018 1

The #1 Reason to List Your House Today!Many people believe that selling their house during “the spring buyers’ market” is the best thing to do. Their reasoning is that there will be

Read More

Dec 6 2017 5018 1

Home Prices Up 7% from Last YearAccording to CoreLogic’s latest Home Price Index, national home prices have appreciated by 7.0% from October 2016 to October 2017. This marks

Read More