Demand for houses continues to rise

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Here are reports in the United States on our housing inventory. Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time home-buyers are out in force and are being met with a highly competitive summer real estate market.

According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.

NAR’s Chief Economist Lawrence Yun had this to say,

“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – 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.” (https://www.keepingcurrentmatters.com/2018/07/18/demand-for-homes-to-buy-continues-to-climb/)