Where We’ve Been: Over the last 20 months, the market has the lowest supply of homes for sale (now just 2.6 months of supply) in over a decade. On average, prices are up 17% since 2014. (Source MLS, “Infosparks”) Why is the market so short of listings? Two reasons: one, moving now requires people to give up the historically low interest rate they have locked in. Secondly, people prefer to move when things are predictable, and we are in an unpredictable political environment.
Where We Are: The market is showing signs of a “spring awakening,” but getting underway a bit later than usual.
Where We’re Going: Supply for entry level homes will remain tight, with the supply of homes in higher price ranges becoming a bit more abundant than they have been. Some are paying heed to the notion to buy now before rates move higher.