The housing industry is seeing a lack of inventory, with hopeful buyers competing to snatch any new listing.
In June, the number of previously owned homes sold to new buyers fell to its slowest pace since January, and its slowest pace for the month of June since 2009, evidence of an inventory issue combined with high prices that are pushing potential buyers out and causing possible sellers to stay put.
So far this year, sales overall are down 23%, and with a critical lack of inventory, the issue seems to lie with pent-up demand.There were 1.08 million homes for sale at the end of last month, the same as the month before but down 13.6% from the year earlier. In a more balanced market of home supply and demand, there would be a 6-month supply of homes; current numbers amount to a 3.1-month supply.
Plus, even though the homes may be listed for less, about one-third of them sold last month went for above list price, and 76% of those sold lasted on the market for less than a month, with many typically lasting just 18 days before being snatched up.
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