Epic Housing Shortage Being Reported!
The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.
The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.
Regarding Existing Home Inventory:
“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply – almost half of the 6.0 months level that is considered a balanced market.”
Regarding New Home Inventory:
“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”
Bottom Line
The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!
Why Home Sales Bounce Back After Presidential Elections
As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.
Why Your House Will Shine in Today’s Market
If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers.
How Long Will It Take to Sell Your House?
If you’re looking for ways to make your move happen as quickly as possible, partnering with a great local agent is the key.
Planning To Sell Your House in 2025? Start Prepping Now
By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year.
What To Expect from Mortgage Rates and Home Prices in 2025
With home prices projected to rise at a more moderate pace, 2025 is shaping up to be a more promising year for both buyers and sellers.
Why Did More People Decide To Sell Their Homes Recently?
As rates came down at the end of the summer, more people jumped into the market and decided to make their move.