Are you an aspiring home buyer? Better get moving now, suggests a new report from the National Association of Realtors®. The lack of available properties for sale is making it harder—and more expensive—for buyers to close on the home of their dreams.
To the dismay of wannabe homeowners everywhere, the number of residences on the market in January was down 2.2%, to 1.82 million properties, from the same time a year earlier, according to Tuesday’s NAR report. However, it’s up 3.4% from December, so maybe there’s a glimmer of hope on the low-inventory horizon. Maybe.
The association only counted existing homes in its tally, not newly constructed residences.
Meanwhile, the median price tag for existing homes was $213,800 in January, a 8.2% jump from a year prior.
The lack of homes on the market is one reason behind the nearly across-the-board price hikes.
“With a much lower level of homes for sale, buyers that are hoping to close early this year can’t afford to wait,” says Jonathan Smoke, chief economist of realtor.com®. “It’s only going to get worse as demand reaches its peak in the spring.”
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To the dismay of wannabe homeowners everywhere, the number of residences on the market in January was down 2.2%, to 1.82 million properties, from the same time a year earlier, according to Tuesday’s NAR report. However, it’s up 3.4% from December, so maybe there’s a glimmer of hope on the low-inventory horizon. Maybe.
The association only counted existing homes in its tally, not newly constructed residences.
Meanwhile, the median price tag for existing homes was $213,800 in January, a 8.2% jump from a year prior.
The lack of homes on the market is one reason behind the nearly across-the-board price hikes.
“With a much lower level of homes for sale, buyers that are hoping to close early this year can’t afford to wait,” says Jonathan Smoke, chief economist of realtor.com®. “It’s only going to get worse as demand reaches its peak in the spring.”
click here to read more