How tight has housing supply been this year? According to the National Association of Realtors (NAR), the total hous- ing inventory at the end of this past August was 6. 5 percent lower than the previous year.
“What’s ailing the housing market and continues to weigh on overall
“Sales have been unable to break out because there are simply not
enough homes for sale.”
All across the nation, from rural communities to metropolitan cities,
existing-home sales are declining as buyers scramble to find homes
that will fit their needs and budgets. As a result, existing homes are
selling quickly — and often for competitive prices. That’s great news
for cash buyers, but not so much for first-time buyers or existing homeowners who are hoping to upgrade to something larger.