As the housing market races towards recovery with a steady stream of buyers, the amount of homes for sale is seeming to fall behind. According to the National Association of Realtors (NAR), “total housing inventory at the end of December dropped 10.8%...which is the lowest level since NAR began tracking the supply of all housing types in 1999”.
What does this mean? Well, according to Sam Khater, Deputy Chief Economist over at Carelogic, “the lack of affordable supply is really driving up home prices.”
For sellers, this is great news for those who want a quick sell at a good price. This also offers less competition for those trying to sell. For those trying to buy, it adds a bit more competition meaning you should meet with a lender to find out how to stand out from the other buyers.