Housing Inventory & Remainder of 2023 Forecast

Jodi Halpert | Owner, Jodi Halpert Real Estate | Berkshire Hathaway HomeServices

In the current housing market, there's a noticeable scarcity of available homes for sale, with only about half the inventory compared to a normal year. This low inventory presents a unique opportunity for those considering selling their homes. Despite this shortage, it's still a favorable time to sell due to the high demand and limited options for buyers.

According to data from Calculated Risk, the housing inventory has seen a slight increase week-over-week, indicated by the blue bar in a graph. However, the overall supply of homes remains notably low, as depicted by the red bars. In comparison to the same period last year, housing supply has decreased by approximately 10%, and this decline is even more significant when considering a longer timeframe.

To put the current situation into perspective, let's compare it to 2019, a year that was considered normal for the housing market. When comparing the current week to the equivalent week in 2019, the available supply of homes is approximately 50% lower. This means that there are only half as many homes for sale now as there would typically be during a normal market year.

This imbalance between supply and demand has led to a market that is far from balanced. Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), points out that the current scarcity of homes for sale means there's a lot of demand for the available houses. He even suggests that the market could easily absorb double the current inventory.

If you're considering selling your house, the low inventory situation works in your favor. With significantly fewer homes on the market, your property will attract more attention, potentially resulting in multiple offers and a quicker sale. This presents a great opportunity for sellers to stand out and make a favorable deal.

Looking ahead to the remainder of 2023, experts predict positive price growth in many areas. Despite the challenge of low inventory, it's projected that around 5 million homes will still be sold this year. The pace of sales could further increase if mortgage rates continue to ease along with cooling inflation trends.

In conclusion, the current housing market's limited inventory offers a unique advantage for sellers. With demand outpacing supply, homes are likely to receive increased attention, potentially leading to swift and beneficial sales. Experts anticipate positive price growth and a steady pace of sales throughout the year, making it an opportune time to consider listing your property.

To learn more about Jodi Halpert Real Estate, go to: https://jodihalpert.bhhsgeorgia.com/