Inventory Is at an All-Time Low
Because purchaser demand is so high, the market is running out of available homes for sale. This prompts Lawrence Yun, Chief Economist at NAR (National Association of Realtors), to say: “The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low.” The graph below illustrates the January 2022 inventory of homes, townhouses and condos for sale, broken down by price range and compared to last year January 2021.
Here’s a national graph comparing inventory levels for January over the last six years.
As the graph shows, new listings coming on the market have decreased over the last four years (shown in blue in the graph). The graph also reveals that carry-over inventory has plummeted in recent years. This is because listings are now sold so quickly, they don’t stay on the market long enough to carry over month-to-month (shown in green in the graph). In other words, homes are not staying on the market for months as they had prior to the pandemic.
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