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Low Supply Keeps Homes Selling Quickly

The housing market has shifted. Higher rates, slower demand, and economic uncertainty have cooled the pace of the once hot market. But while a lot has changed, a lot has also stayed the same. For example, according to the National Association of Realtors, homes are still selling quickly and prices continue to rise – even if they have improved from last year. The NAR found the typical home was on the market just 19 days in September. That's an improvement from 17 days last year at this time, but still a fast pace. Similarly, the median existing-home price has improved after hitting $413,800 in June. In September, it was $384,000, which is better for buyers but remains 8.4 percent higher than last September when it was $355,000. The problem, simply put, is a lack of available homes for sale. Lawrence Yun, NAR's chief economist, says that's among the main differences between this market downturn and the last. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today,” Yun said.

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