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We’re experiencing a 30-year low in inventory. Here’s what that means to you.
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Spring is typically the busiest time of year for the real estate market. Buyers who are experiencing cabin fever come eagerly into the market in search of their dream homes. Homeowners who are anticipating the increased demand are enticed to list their homes for sale in order to move up or downsize and cash in.
New data from CoreLogic shows that even though buyers came out in full force, not as many homeowners made the jump to list in the 2nd quarter as expected. Our sales growth has slowed, not due to lack of affordability but due to lack of inventory.
Inventory is down for the 25th consecutive month nationwide.
As of the end of the second quarter this year, our unsold inventory is at 1.9%—the lowest 2nd quarter reading in over 30 years. CoreLogic’s president says that home prices are marching even higher as mortgage rates keep things affordable from a financing perspective. Affordability will likely become a much bigger challenge in the years ahead.
Overall, inventory across the U.S. is down for the 25th consecutive month according to the National Association of Realtors. It now stands at a 4.3-months’ supply. However, conditions in the luxury and premium markets are the opposite. These homes are staying on the market for a longer period of time than usual, putting that segment of homes in a buyer’s market.
The bottom line is that buyers are out in full force and there has never been a better time to sell your home and move up than right now. If you’re interested in buying or selling a home or if you just have any questions, you can always reach out and give us a call or send us an email. We look forward to hearing from you!