Florida, Texas Return to Pre-Pandemic Levels, Driven by Building Boom, Insurance Costs
On a call to discuss sales of existing single-family houses, condos and co-ops, the chief economist for the National Association of Realtors was blunt: “We want more supply, more supply, more supply.”
The remarks a few weeks ago by Lawrence Yun about the market for those residential properties come after months of chronic low inventory that has weighed on an already sluggish industry.
But on that call, Yun shared that his organization’s latest data showed that in April, the supply of existing homes grew to its highest point since 2021 — and Realtors want more to increase sales.
As the housing market has attempted to regain its bearings from a pandemic recovery, low inventory has sent home prices soaring to record highs. Together, the lack of supply and high prices are combining with elevated mortgage rates and continued buyer demand to disrupt home buying. Some prospective buyers have been pushed from the market completely, instead opting to rent single-family properties or apartments in multifamily developments.
Now, inventory growth is showing up across the industry, an early sign that a market healing could be underway, at least in some parts of the country. That could bring down prices as long as demand keeps up, industry professionals say.
Read the full article on CoStar
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