3/1/2023 0 Comments Existing home inventory![]() ![]() The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes: Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Once you do, however, be ready to move forward quickly. It may take time to find a home you love. NAR first began tracking the single-family home supply in 1982." What Does This Mean for You? If You’re a Buyer:īe patient during your home search. Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. “Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). ![]() Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. One challenge to the housing industry, however, is the lack of homes available for sale today. The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. ![]()
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