There were 98,000 fewer listings nationwide this October compared to the same month last year.
The U.S. housing market showed signs of becoming increasingly competitive as inventory continued to tighten with a drop of nearly 98,000 listings compared to this time last year, according to realtor.com®‘s October 2019 housing trend report released Thursday.
At the same time, the inventory shortage compounded as homes flew off the market at a faster pace than last year, making it harder for would-be buyers to enter the market despite favorable interest rates.
“Owning a home continues to be a priority for buyers, as we head into the cooler months of the year. Driven by the tailwind of sub-4% mortgage rates, the steady demand for housing is drying market inventory at an accelerating pace,” according to realtor.com® Senior Economist George Ratiu. “With dwindling supply, prices maintain their upward pressure, deepening the affordability challenges for first-time buyers.”