Is housing inventory still low? Yes, according to this article in Housingwire.com.
The inventory of homes for sale in the U.S. continued to decline in September, signaling the market may be heading toward an overall shortage, according to a Realtor.com report.
During the month, the national inventory of homes for sale fell 2.5% from the previous year, and at a much faster rate of decline compared to August’s 1.8% decrease.
September’s retreat can likely be attributed to heightened homebuyer demand, which has increased substantially thanks to the nation’s low-interest-rate environment.
“Buyers looking for their next home have faced the headwinds of tight inventory and a competitive market this year,” said George Ratiu, Realtor.com’s senior economist. “While lower mortgage rates and the arrival of Fall promised a reprieve, conditions continue to tighten as demand remains strong.”
So you have to wonder what does this mean for homebuyers?