This is what’s behind the severe housing drought

By Diana Olick | CNBC

The supply of homes for sale is now at the lowest level since the National Association of Realtors began tracking inventory 18 years ago.

While all real estate is local, the problem is national. From coast to coast, buyers shopping in this spring market are finding less and less. What is listed is going fast — and selling at a premium.

In Southern California, home sales in February were 14 percent lower than the average for the month going back 30 years, according to CoreLogic. There are plenty of potential buyers out shopping, but they simply can’t afford what they find.

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March 27, 2017

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