In a blow to homebuyers who were hoping to see a little relief in competition during the winter months, a new report shows that housing inventory levels have fallen once again. The latest Market Pulse report from House Canary, a real estate valuation brokerage, found that the volume of homes for sale in the U.S. as of October were down to near record low levels.
“As we head into the holiday season, it seems the supply trends we have seen over the past few months are beginning to change course,” said Jeremy Sicklick, HouseCanary’s Co-Founder and CEO said. “Despite initial signs that the nationwide supply crunch was beginning to alleviate, October saw net new inventory levels drop once again…to the lowest number we’ve seen almost all year.”
The shortage of homes for sale has led to an unprecedented surge in home prices and intense bidding wars as buyers compete for the few homes available.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
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