Is Housing Inventory Really Booming?
With reports of housing inventory exploding across the country - and suggestions that THIS is the sign of the market about to tank, it's worth looking into what the actually data says.
Nationally (which is where the data is collected and reported), inventory is, in fact, higher than each year since the pandemic. To that end, yes, it's on the rise again.
It's also worth noting, however, that inventory is still significantly lower than the pre-pandemic years.....a time when no one was really that worried about inventory levels.
In the year or two prior to the pandemic (2018-2019), it looked like prices were about to flatten for a spell. There wasn't really talk, though, of a spike in inventory that would flood the market.
While it's tough to predict (with great accuracy, anyway) the future, current factors suggest we could see a continued rise in the number of homes for sale. There is also reason to believe, however, that adding inventory could simultaneously bring some buyers off the fence, as some have held off due to the LACK of homes for sale.
All of this is to say that, while yes, inventory is up, it's still relative. Also, up doesn't mean high. And high doesn't even always mean enough to tank the market. If you're holding out for the big market crash you're still likely to remain disappointed.
