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The national housing shortage continues unabated: “Nationally, we are still amid a housing shortage that has been growing for decades,” he said. “Housing production rates have been slowly decreasing each year, with major economic events like the 2008 financial crisis and the COVID-19 pandemic acting as flash points, further slowing down the production of homes.”
He provided context: “In 2012, the US had a national stock of over two million homes for sale with a 5.17-month supply of houses. Skip ahead to 2017, and the number of available homes drops to 1.5 million, and our monthly supply is at 3.04. Things then took a nose-dive in the pandemic, the lowest point being in 2021 when our national stock of homes dropped to just over 829,000, with our monthly supply sinking to 0.5.
“Since then, our total number of available homes has not rebounded much, only rising to 879,000 and our monthly supply jumping to 3.2. While these are notable improvements, they’re still a far cry from our pre-pandemic numbers and even further away from where we were not even a decade ago.”
Yet there is still hope for your typical homeowner: “While overall housing numbers are still low, savvy buyers can still time their house-hunting efforts to maximize their chances of finding a home,” Wassom said:
“Our research showed that housing inventory prices, on a national level, fluctuate with the seasons. Ultimately, inventories are the lowest in the early summer, specifically around the month of May. But, at the end of winter, starting in January, inventory rates spike. You will have a greater selection and more options if you look for a new home at the beginning of the first quarter.”
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