There’s currently an imbalance in the housing market. The number of interested home buyers far exceeds the inventory of homes for sale. That means, listings sell quickly, home prices rise, and prospective home buyers have to compete with other buyers for available homes. The lack of homes for sale also holds back home sales and makes things more difficult for first-time buyers looking for an affordable house to purchase. In short, low inventory is the housing market’s primary issue, and it’s only gotten worse since the coronavirus pandemic began in March. However, there is some good news, and it could mean a better balanced market is on the horizon. That’s because, according to one recent analysis, new for-sale inventory is up 16.2 percent month-over-month and is now at its highest level since March 22. The improvement is an indication that more homeowners now feel that it’s a good time to sell. And, if the trend continues, it could mean some relief for buyers, as it would lead to better affordability conditions, a slower market, and more chances to find a home that suits their needs. (source)
