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WHERE WILL THE HOUSING MARKET GO FROM HERE?

August 5, 2020

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Lack of Listings Slowing Down the Market

As the real estate market continues to move down the road to a complete recovery, we see home values and home sales increasing while distressed sales (foreclosures and short sales) continue to fall to their lowest points in years. There is no doubt that the housing market will continue to strengthen throughout 2018.

 

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory!

 

Here’s what a few industry experts have to say about the current inventory crisis:
 
Lawrence Yun, Chief Economist for the National Association of Realtors says, 
 
“Inventory coming onto the market during this year’s spring buying season…was not even close to being enough to satisfy demand, that is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”
 
Sam Khater, Chief Economist for Freddie Mac says, 
 
“While this spring’s sudden rise in mortgage rates [took] up a good chunk of the conversation, it’s the stubbornly low inventory levels in much of the country that are preventing sales from really taking off like they should… Most markets simply need a lot more new and existing supply to cool price growth and give buyers enough choices.”
 
Alexandra Lee, Housing Data Analyst for Trulia says, 
 
“This seasonal inventory jump wasn’t enough to offset the historical year-over-year downward trend that has continued over 14 consecutive quarters…Despite the second-quarter gain, inventory was down 5.3% from a year ago. Still, this represents an easing of the double-digit drops we’ve been seeing since the second quarter of 2017.”
 
Bottom Line

If you are thinking about selling, now may be the time. Demand for your house will be strongest while there is still very little competition which could lead to a quick sale for a great price.

 

 
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Drew Hendon, Realtor® CaDRE 02032739
Signature Real Estate Group | CaDRE 02071123
39381 Los Alamos Rd Ste D
Murrieta, CA 92563
email: Drew@KSADreamHomes.com
mobile: (760) 586-7683
Drew was great. He was very honest and professional. We never felt disconnected and were always able to get a hold of him for questions. He was always present with us and we felt like family. Highly recommended.
-Justin and Kaitee Rivera-

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CaDRE 02071123