There is a shortage of houses for sale, but there is a high demand from potential buyers. This situation is causing a significant problem in the housing market. To see how few houses are available, let’s check the current data on homes for sale compared to usual levels.
A new report by Realtor.com found that in June, the number of homes for sale was 50.6% lower than pre-pandemic levels from 2017 to 2019.
This means there are significantly fewer homes for sale now compared to a more typical market.The graph displays previous data. It indicates that the current inventory numbers in the housing market are significantly below the normal level.
It’s important to mention that the graph does not include data from 2020 to 2022. These years were highly unusual for the housing market, so excluding them ensures a fair comparison without distorting the data.
If we compare the orange bars representing 2023 with the years 2017 to 2019, which are considered more typical for the housing market, we can clearly see that the number of active listings (homes for sale) is still significantly lower than the normal levels. This further highlights the ongoing shortage of available homes in the market.
Moreover The National Association of Realtors reports that existing home sales continue to be impacted by various factors, including staying put trends, interest rates, and inventory shortages. Despite these challenges, the market has witnessed a significant increase in the number of single-family homes available for buying. Year over year, millions of homes have been listed, indicating a positive growth in housing supply.
However, home prices remain a key consideration in today’s competitive housing market. The Chief Economist emphasizes the ongoing issue of a housing shortage and its impact on listing prices. Mortgage rates affect the housing market and the relationship between buyers and sellers of homes. It’s important to address any Alt attribute issues to enhance the accessibility and understanding of real estate content.
What Does This Mean for You?
If you’re considering selling your house, now is a great time to do so because of the low housing inventory. Compared to more typical years, buyers have fewer options available to them, which is affecting important housing market statistics. Sellers will be happy to know the latest data from the NAR Confidence Index.
- Around 74% of homes sold in less than a month, indicating a high demand for available properties.
- Homes are selling fast, with the median time on the market dropping to 18 days for properly priced properties.
- The number of offers on sold homes went up to 3.3, showing how competitive the market is right now.
Bottom Line
In a market with limited supply, your house becomes the center of attention. Sellers are experiencing quicker sales and receiving more offers for their homes in the current situation. If you have considered selling, this is the ideal time to take action. Let’s connect and initiate the process to get your home listed and sold.
Kaya Homes is the top real estate company in New York. We are the ideal option for locating homes in various parts of Long Island. These areas include: – Lynbrook – Oceanside – Malverne – Hewlett – Valley Stream – East Rockaway – Woodmere – Cedarhurst – Baldwin – North Woodmere – Woodsburgh – Hewlett Neck – Hewlett Harbor – Bellmore – Wantagh – Merrick – Freeport.
Sat, 08 Jul 2023 19:37:31 +0000
by Mottek Group