The number of homes for sale is a crucial aspect of the current market. Although inventory levels remain at historic levels, there are indications that they are likely to rise.We may have attained the lowest level that we’ll be able to see.. Odeta Kushi is the Chief Economist DeputyFirst AmericanRecentlyof our supply of supplies
“It appears like the inventory may have reached an unsustainable level.(we’ve seen this in higher frequency data, too). The inventory that was not sold in May was 2.5 months, which is an improvement from 2.4.”
To put it into perspective the graph below will show levels of inventoryrisingfrom the beginning of the year:We’re not yet far from aMarket that is balancedThis means that there is a 6 month supply of homes available for sale. However, we are experiencing an increase inSlow but steady growth in homes being offered for sale.This leaves many buyers and sellers wondering the same question: what does this mean to me?
Buyers: More Options Are Coming, so it’s Time to take action
If you’re a potential buyer, more inventory on the market is a welcome sight. More inventory means more possibilities and less competition, which could mean fewer bidding wars.
According to the most recent Monthly Housing Market Trends Report supply levels continue to rise, which is quite different from what you would find in the normal summer market.
“In June, homes that were newly listed grew by 5.5 percent year-over-year, and by 10.9% month-over-month.In June, there are generally less new listings than May. This year, growth in new listings is expected to continue through the summer months and is a positive sign for tight housing markets..”
If you’re struggling to find your dream home, this article should give you the confidence and motivation to keep the buying process on track. Experts predictmortgage ratesAs time goes by, the cost of buying homes will increase.You can still reap the benefits of today’s low rates of interest. Keep searching!as more homes are added to market.
Sellers: The Supply Challenges aren’t Over However, now is the time to sell
If you’ve been putting off selling your home for a while, don’t put it off any longer. While buyers have seen a decrease in the amount of homes available for sale over the last year, we’re still in a market for sellers.
As the graph below illustrates, even with the number of homes available for sale increasing, we’re still well below the levels of supply we’ve experienced in the past:Of course more homes are being put on the market today and more are expected to be sold in the next few months. SellingYour homeThis summer, you are able toBe ahead of the game and maximize your potential sales before other homes are offered for sale in your area..
There are more homes available for sale, which means more choices for buyers and more buyers and sellers. Let’s talk today about your options and the reasons you should consider making a move regardless of whether you’re looking to buy or to sell.
This post was originally posted on Simplfy the Market