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Housing Inventory Vanishing: What is the Impact on Yu?
Housing Inventory Vanishing: What Is the Impact on You?
The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.
The report also revealed that the decline in inventory stretches across all price points.
The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.
The question is: What does this mean to you?
The housing market will remain strong throughout 2020. Understand what that means to you, whether you're buying, selling, or doing both.
BROKER / OWNER / REALTOR (16 years experience) Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale I am the Owner and Broker of South Coast Exclusive Properties & South Coast Luxury Hom....
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