From a recent article from Axios.com, the graph below shows national housing inventory over the past 20+ years. Leading up to the bubble busting 2008 inventories of homes was between 2 million and 3 million homes. After the bust inventory rose to over 4 million homes. Today we see a record low 1 million homes available for sale.
https://www.axios.com/housing-boom-bubble-mortgage-50b573de-94f0-4d7c-a34d-b2b40d9dc664.html
In the St. Louis real estate market we are also seeing a record low number of homes available but the downward curve is making a turn and we hope the new supply will help absorb backed up demand for homes.
In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market.
When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.”
Today’s housing market is healthy, and rising prices are driven by real buyer demand. Let’s connect to talk about the best ways to navigate such an energetic market.
“The bottom line: Housing prices are likely to remain high and rising for a while yet.”
