Buyers vie for fewer homes as listings decline
The inventory of homes for sale nationally last month dropped to its lowest level in more than two decades. And this month so far isn’t encouraging, with the number of homes on the market running well below the levels a year ago.
The holiday season, colder weather and surging coronavirus cases may have given sellers reason to put off listing their homes last month. Another factor is simply that homes have been getting snapped up so quickly, often within days of hitting the market, that there are fewer listings that carry over from one month to the next.
“Real estate markets remain active so far this winter,” said Danielle Hale, chief economist for Realtor.com. “Data shows buyers continued searching the still-limited for-sale home supply last week, which declined again, along with new listings.” However, the sizzling housing market intensified a long-running demand-supply imbalance. And as buyers snapped up homes sometimes days after they hit the market, those still on the hunt were competing for fewer available properties.
Despite dealing with supply chain constraints and rising material and labor costs, U.S. builders broke ground on nearly 1.6 million housing units last year, a 15.6% increase over 2020. “A lot of home buyers are maybe going to be knocked out of the running by higher rates,” Tucker said.Do you live among million-dollar homes? These 15 L.A. neighborhoods crossed the $1-million threshold
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