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19
Housing Supply Still Below the Norm
House hunting has become a daunting task with the current low housing inventory. In many cities, it's like finding a needle in a haystack. The housing crisis is affecting low-income families the most, making it nearly impossible to find affordable housing. A recent report from Realtor.com said that, "On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels." The graph below helps illustrate just that. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market.
Years 2020-2022 are not included in this graph because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don't distort the data. When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm. Although, if you are trying to sell your home, this time is considered to be a "sweet spot" for sellers. The latest data from NAR's Confidence Index shows that the percent of homes that sold in less than a month ticked up slightly to 74% and that the median days on market went down to 18 days, showing homes are still selling fast when priced right. The data also revealed that the average number of offers on recently sold homes went up to 3.3 offers. When supply is low, your house is going to be in the spotlight. That's why sellers are seeing their homes sell a little faster and get more offers right now.
If you've thought about selling, now's the time to make a move. Contact one of our Ruhl&Ruhl agents today to get the process started!
