Housing Inventory Down, Interest Rates Up
Every American trying to find a house in today’s market will face an interesting reality: there’s a lack of options. This isn’t because homebuyers can’t find homes that fit their wants, but instead because of low inventory plaguing communities across the country. With interest rates up and a low housing inventory, what’s the reality of those looking to buy or sell real estate in the market? Here’s what the latest numbers suggest.
What exactly is a low housing inventory?
Low inventory means strong buyer demand–people looking for houses–but not many sellers. This causes an imbalance creating a shortage of available homes for sale when this happens. Demand was higher than the current supply, so there was…