Based on realtor.com’s listing data, the shortage of available homes for sale is accelerating.
The number of homes for sale fell nearly 10% year-over-year in November in a market where low interest rates are spurring increased demand, according to the November 2019 Housing Trends report released today by realtor.com.
“As millennials — the largest cohort of buyers in U.S. history — embrace homeownership and take advantage of this year’s unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish,” according to George Ratiu, realtor.com senior economist. “The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home.”
Ratiu added, “The issue is further compounded by the fact that sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.”