Houston, you have a problem — with housing inventory. And as the number of homes for sale in the country continues to creep upward thanks to waning demand, many other major U.S. cities are dealing with the same issue.
At the current existing-home sales rate of 5.04 million units a year, it would take a full 10.5 months to sell the 4.4 million existing homes now on the market, according to data released by the National Association of Realtors (NAR) on Oct. 24. The supply of existing single-family homes was at 10.2 months in September—the highest since February, 1988. Compare that with the height of the housing boom in January, 2005, when it reached a record low 3.6 months.
Tighter lending standards, which are dampening sales, aren’t helping housing inventories, though the NAR thinks mortgage availability is starting to improve. “Once the pent-up demand begins to move, we’ll see housing supplies begin to ease and then prices will edge up,” said NAR Senior Economist Lawrence Yun in a statement issued Oct. 24.
The Census Bureau report also found that a record 17.9 million U.S. homes stood empty in the third quarter as lenders took possession of a growing number of properties in foreclosure.
The Census Bureau report also found that a record 17.9 million U.S. homes stood empty in the third quarter as lenders took possession of a growing number of properties in foreclosure.
The Census Bureau report also found that a record 17.9 million U.S. homes stood empty in the third quarter as lenders took possession of a growing number of properties in foreclosure.
we have over 10 months inventory and the NAR is talking about about pent-up demand. Unbelievable. I guess I better buy now before all that pent up demand drives prices up.
we have over 10 months inventory and the NAR is talking about about pent-up demand. Unbelievable. I guess I better buy now before all that pent up demand drives prices up.
we have over 10 months inventory and the NAR is talking about about pent-up demand. Unbelievable. I guess I better buy now before all that pent up demand drives prices up.
Gotta love Larry Yun: “Once the pent-up demand begins to move…..”
Buddy… i AM the pent-up demand, and I’m not moving until the supply of available homes is so great, the sellers have no choice but to bring their values back into line and admit their greed was a dumb decision…
Gotta love Larry Yun: “Once the pent-up demand begins to move…..”
Buddy… i AM the pent-up demand, and I’m not moving until the supply of available homes is so great, the sellers have no choice but to bring their values back into line and admit their greed was a dumb decision…
