Housing Inventory Hits a New Low

Housing Inventory in the U.S.

Every summer, families across the country decide if this will be the year they sell their current house. People want to move into their dream home as soon as possible. But, how has this affected the U.S. housing inventory percentages?

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market. This is resulting in incredibly strong demand right now! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago. How has this effected housing demand? The demand has drastically increased across the country, meaning there is strong competition for quality homes on the market.

Here is a chart showing the decrease in inventory levels by category:

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.

 

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