The Impact of A Lack Of Housing Inventory
As the housing market travels down the road to complete recovery, the housing bust of a decade ago is a faded memory. Home values have increased, home and condo sales are up, and distressed properties (short sales and foreclosures) have dropped to the lowest points in years. Forecasts for the housing market the rest 2018 is a continued strengthening.
However, the shortage of inventory may be a cause for concern. Buyer Demand typically rises during the summer months, however, the supply of properties is not keeping up with the demand.
Industry Expert's Take
NAR's Chief Economist, Lawrence Yun was quoted as saying, "The worsening inventory crunch through the first 3 months of the year inflicted even…