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Why housing inventory is so low right now

Housing Wire

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

Inventory 494
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Why housing inventory is so low right now

Housing Wire

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

Inventory 404
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Days on market grow despite low inventory for existing homes

Housing Wire

The National Association of Realtors (NAR) reported today on two trends in existing home sales that we have seen for many months now: sales are declining while total inventory data has fallen directly for the three straight months. NAR lists the current inventory at 1.22 This is not a positive for the housing market.

Inventory 459
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The housing market is now savagely unhealthy

Housing Wire

The National Association of Realtors reported that existing home sales for February came in as a miss of estimates at 6.02 Inventory has broken to all-time lows, but it doesn’t look like the year-over-year data will be positive at all this year unless demand softens up. NAR Research : Unsold inventory sits at a 1.7-month

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Typical homebuyers made $107,000 annually, used a real estate agent in 2023: NAR survey

Housing Wire

Homebuyers’ median household income increased by $19,000 this year from 2022, reaching $107,000, according to the National Association of Realtors ’ 2023 Profile of Homebuyers and Sellers. The report is an annual survey of homebuyers and sellers who closed transactions between July 2022 and June 2023.

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The new home sales recession continues

Housing Wire

The housing market is in a recession, something that the homebuilders and the National Association of Realtors now agree with me on, as this recent CNBC clip shows. can’t have a credit sales boom like we saw from 2002-2005. This means we won’t be working from record-breaking demand of high sales like we did at the peak of 2005.

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Existing home sales data continues to outperform

Housing Wire

The National Association of Realtors reported that existing home sales for November came in hot at 6.46 As you can see below, we don’t have a booming credit housing market as we saw from 2002-2005; we have steady replacement buyer demand. More choices are better for homebuyers and sellers who need to buy a home typically as well.

Inventory 456