Housing Inventory Drops an Unexpected 4% in First week of 2023

Housing Inventory Drops an Unexpected 4% in First week of 2023

For quite some time now the real estate news has not been favorable, but for the first time in recent memory the news is less than stellar for both Buyers and Sellers alike.  The first week in January of 2023 marked an unexpected 4% decline in inventory nationwide that finished at about 1.14 million total units.  If this trend continues and we drop below 1 million units, it will only be the second time in recent history it's happened.   

One of the things we've been saying here at is that the position we find ourselves in right now is NOT like it was in 2008.  If anything, data suggests it's quite the opposite.  That was a crisis of over-supply created by that was created by a combination of sub-prime lending coupled with predatory lending, and when the financial veil was lifted, the carnage that followed was that which will be used as a model of what never to do again.  The crisis we find ourselves in today is one of under-supply, so much so that we are approaching dangerously low inventory levels described above. These decades high interest rates have caused many potential Sellers to pause because the cost to purchase a replacement home is too high, and worse it has caused Builders across the Country to put the brakes on new construction as Builder confidence and housing starts have been plummeting.  The other shoe that has dropped is that mortgage credit availability has dropped to nearly two-decade lows leaving less Buyers available and has created havoc and truly unsustainable levels in the rental markets as a result. 

We can't stress enough the difference we're trying to provide by giving you a platform present your real estate needs to a wider audience by simply adding another option which will help Buyers and Renters struggling to find suitable properties.  It will also help potential sellers and Landlords who are looking for other options too!  

Click Here to Read Article