The seasonal decline in housing inventory is in full force
Inventory fell to 895,988, down 6,752 week to week, while new listings were 53,162 vs 56,569 last year.
The latest numbers show that housing inventory has dropped to 895,988, a decrease of 6,752 from the previous week. This seasonal decline is not unexpected, but the rate at which inventory is falling bears watching. As we head into the typically slower winter months, buyers may find themselves with fewer options to choose from.
Compared to last year, new listings are down slightly, with 53,162 hitting the market this week versus 56,569 at the same time last year. This decrease in new listings is contributing to the overall decline in inventory. For real estate professionals and investors, this trend may signal a continued seller's market, at least in the short term.
As we move forward, it's essential to monitor how this decline in inventory impacts housing prices and sales activity. With fewer homes on the market, buyers may need to act quickly when they find a property that meets their needs. The ASID community should keep a close eye on how this trend develops, particularly in terms of its effect on market dynamics and the overall health of the real estate market.
Originally reported by housingwire.com. ASIDNews adds analysis for real estate & property readers.