Pending home sales fell in October—mainly because buyers couldn’t find houses, according to a recent realtor.com article.
National Association of Realtors’ Chief Economist Lawrence Yun weighed in last fall on this. He mentioned a choke point! That might sound a little scary. What does he mean by that?
The big picture: The housing inventory situation will remain a major hurdle for the housing market and home-buyers alike moving forward.
“We still need to address and, more importantly, correct inadequate levels of inventory across the country,” Lawrence Yun, the National Association of Realtors’ Chief Economist, said. “There is no shortage of buyers seeking homes, but a lack of available units continues to drag down the nation’s housing market and the overall economy.”
Homebuilding data released in recent weeks suggested that builders are ramping up construction of new homes, which should alleviate the supply crunch. Nevertheless, Yun warned that the pace of building wasn’t quick enough to make up for the growth in population the u.S. Will see over the next couple of decades.
What about advice for buyers?
How about for sellers?
If you’d like Perry Wellington Realty to help you sell your home, or if you are looking to buy a house… We can help with that too!
Contact Perry Wellington Realty at:
814-695-5323 or www.perrywellingtonrealty.com