Housing Inventory Hits 30Year Low

Dated: 08/09/2017

Views: 77

Image title

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

Gillian Cunningham

Gillian Cunningham’s name is synonymous with true professionalism, extraordinary knowledge, exceptional customer service, strong work ethic and high integrity standards. Gillian’s personal approac....

Latest Blog Posts

6 Reasons You Should Never Buy or Sell a Home Without an Agent

6 Reasons You Should Never Buy or Sell a Home Without an Agent Manfred Rutz/Getty ImagesIt's a slow Sunday morning. You've just brewed your Nespresso and popped open your laptop 

Read More

Seven Home Ownership Myths Holding You Back?

Replace any homeownership fears with facts... Do you want to see the fears that might be holding you back in your home search?1. "I can't afford to buy a home now." FACT: If you're paying rent, you

Read More

Homebuilder sentiment improves in October as lumber prices fall

A monthly sentiment survey from the National Association of Home Builders rises one point in October to 68. Anything above 50 is considered positive.The index is unchanged from October 2017.Lumber

Read More

Rain, rain, go away. How drainage affects your property.

Rain, rain, go away. How drainage affects your property.A little rain may be just what our plants and trees need after our dry summers, but a lot of rain can become a problem for some properties.

Read More