The 2023 housing market began with a shortage of inventory, and with the spring season in full swing, many expected the market to pick up with more inventory. Unfortunately, according to the latest Housing Market Tracker from Zillow, the inventory shortage persists, with no signs of an imminent lift.
Current housing data shows that there is an overall shortage of inventory on the market, although certain markets are far worse off than others. In the West and South regions of the country, inventory is down nine percent and fifteen percent, respectively. Despite the lack of homes for sale, the median home list price remained steady, with the West region coming in at $450,000 and the South region coming in at $280,000.
The housing market continues to struggle with the tight inventory levels, as potential buyers are struggling to find the right home that fits their budgets and desired locations. First time homebuyers are especially affected, as they are unable to compete with larger buyers and cash offers. The most successful buyers have the ability to act quickly and make competitive offers.
Unfortunately, the lack of inventory in the market can’t be solved simply by adding more homes to the market. With such a large shortage, buyers are facing bidding wars and making expensive payments. It’s up to both buyers and sellers to work together and work out a solution that is beneficial to both parties. Until then, it looks like the housing market will continue to struggle with tight inventory.
You can read this full article at: https://www.housingwire.com/articles/housing-market-tracker-still-no-spring-inventory-lift/(subscription required)
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