Fewer Homes for Sale Than a Year Ago
Housing-related conditions can vary widely from one city to the next. But overall, we’re in a seller’s real estate market.
It’s a supply-and-demand story, as always.
Low mortgage rates and a pandemic-fueled desire for homeownership and space have increased demand within housing markets . At the same time, real estate listings and overall inventory levels have declined sharply.
The end result is a serious imbalance between supply and demand. In short, there are lots of buyers actively seeking homes, but not enough properties to meet the demand. This has created a classic seller’s market and boosting home values.
In February 2021, the number of active property listings in the U.S. had declined 40% from 2020 levels, reaching an all-time low. In other words, there are far fewer homes listed for sale today than a year ago.
Properties Are Selling Fast
This is another indication of a strong seller’s market. And it’s not at all surprising, when you consider the lopsided supply and demand conditions.
A Highly Competitive Real Estate Market
We are in a seller’s market and while inventory is expected to increase a bit going forward, the U.S. housing market will probably continue to favor sellers over buyers for the foreseeable future.