The new top hurdle for entry-level buyers
By Brena Swanson | HousingWire
The ability to save for a down payment historically ranks as the biggest hurdle for first-time homebuyers, until now. According to a new housing report from Fitch Ratings, there’s a new problem that’s creating an even bigger roadblock for entry-level buyers — inventory shortages.
The report said that the current supply of homes for sale is 4.7 months for both new and existing homes.
This doesn’t even scratch the low end of what is considered normal, which is about a five-and-a-half to six months supply. The supply is even less for entry-level homes.