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Builders May Ease Inventory Lack for Buyers!
Dated: December 16 2020
For some Americans, soaring home equity and gains in the stock market are padding their financial impact of the pandemic.
Pending home sales are up 20% from a year ago, buyer traffic is up 32%, and mortgage applications are up 27%—all indicators that this winter may be the best ever for the housing market.
Sellers, Builders May Ease Inventory Lack
Inventory remains constrained as buyer demand surges. Potential sellers who are hesitant to list their home during a pandemic may not be aware of the housing market’s strength, said Danielle Hale, chief economist for realtor.com®. Sellers are often buyers, too, and they may not want to face the challenge of finding a home amid low inventory.
Why can’t builders construct more housing to meet demand?
Labor shortages and escalating prices for building materials have held many builders back, with 80% saying they had to raise their new-home prices last month due to higher expenses. (Full Report HERE)
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