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Low Inventory

All articles tagged with #low inventory

real-estate2 years ago

US Housing Turnover Hits Rock Bottom as Homeowners Fear Higher Mortgage Rates and Low Inventory

Only 1% of US homes changed hands in the first half of 2023, the lowest share in at least a decade, due to a combination of low inventory and high mortgage rates. The pandemic-induced frenzy of homebuying depleted supply, and current homeowners are reluctant to sell due to their low mortgage rates. The lack of affordable homes is also a challenge, with the typical home selling for about 40% more than before the pandemic. To boost turnover and affordability, experts suggest building more housing, reforming zoning regulations, and providing financial incentives for home sellers. Smaller urban homes are particularly hard to find, while California faces the most significant inventory challenges. On the other hand, homebuyers in Nashville, Austin, and Newark have an easier time finding homes.

via CNN|
#affordability-crisis#home-sales#low-inventory
real-estate2 years ago

Chicago Suburban Home Prices Reach Record Highs.

Home prices in some Chicago suburbs have hit record highs due to low inventory and strong buyer demand, despite rising interest rates. Many potential sellers are hesitant to move due to their low mortgage rates and high equity, leading to a lack of homes for sale. Buyers are willing to pay more to secure a home, resulting in multiple offers and sales above asking price. While inventory may appear tight, many homes are selling as pocket or pre-market listings, not reflected in official inventory calculations.

via Crain's Chicago Business|
#buyer-demand#chicago-suburbs#home-prices
real-estate2 years ago

Spring Housing Market Trends: Surprising Shifts and Low Inventory in Various States

Despite soaring mortgage rates and near-record high prices, the DC-area spring housing market has not slowed down as much as expected due to a continued lack of sellers and high buyer demand. Home sales have slowed significantly from a year ago, but almost entirely because of a lack of inventory, not a lack of buyers. Median selling prices have declined modestly for two consecutive months, but they remain higher than they were a year ago, and selling prices are likely to remain strong this year due to low inventory. First-time buyers remain active in the Mid-Atlantic region.

via WTOP|
#dc-area-housing-market#first-time-buyers#high-demand
real-estate2 years ago

Real estate market heats up in the South, while Cleveland-area lags behind.

The hot New Jersey real estate market being driven by low inventory continued in March with much faster home sale times in all 21 counties, including two counties that had typical time on market under one month, data from Realtor.com showed. Union County led the way with a median days on the market of 29.5, followed by Somerset County at 30.5. Statewide, newly listed homes sold within a median of 42 day in March, the data showed.

via NJ.com|
#home-sales#low-inventory#new-jersey
real-estate2 years ago

Housing market experiences significant drops in prices and sales.

Existing-home sales in the US fell 2.4% in March, with buyers facing higher mortgage rates and a lack of new listings. The median price for an existing home fell by 0.9% from last March, the largest drop in a decade. The number of homes on the market rose by 1% in March from the previous month, but the months-supply metric remained low at 2.6 months. Despite drops in home prices and sales, multiple offers are back, especially for entry-level homes, and new listings are down 17% from the previous year.

via MarketWatch|
#existing-home-sales#home-prices#low-inventory
real-estate2 years ago

Mortgage Rates Remain Steady Despite Market Fluctuations.

Mortgage rates have dropped for the third week in a row, creating affordability for some homebuyers, but low inventory remains a key challenge for prospective buyers. The Federal Reserve acknowledged that recent instability in the banking sector could spur further tightening of credit, making it harder and more expensive to borrow money. Homebuyers may also find that low housing supply could be another challenge this spring, with homes newly listed for sale in March decreasing by 20.1% compared to the same time last year.

via Fox Business|
#homebuyers#housing-market#low-inventory