This marks the end of a brief respite for buyers in this years-old seller's market. If supply growth continues falling at the rate it has been since April, by September the number of homes for sale will be down from a year earlier by more than 4 percent.
The report is based on data on the number of homes for sale as of
However, the national numbers mask a huge amount of regional variation under the surface. As of late June, 32 of the 46 largest U.S. metro areas had fewer homes for sale compared to a year earlier. In fact, in some of the country's most affordable housing markets, the inventory crunch never subsided. For example,
Most of the big gains in the national count of homes for sale over the past year have been driven by expensive metro areas with median prices well above the national median.
With mortgage interest rates having dropped back to below 4 percent, demand is picking back up, which is likely to lead to renewed inventory shortages later this year, even in the more expensive markets.
"Lower interest rates are bringing buyers back, but without enough homes for sale to meet demand, we expect to see more bidding wars, which will push prices up this summer," said Redfin chief economist
To read the full report, complete with charts and a table with market-by-market data, please visit: https://www.redfin.com/blog/the-inventory-crunch-is-back/.
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Redfin; Redfin Journalist Services: Erin Osgood, 206-588-6863; email@example.com