In a housing market starving for more supply, bad news came to light in the form of a new report released by Redfin. The online real estate site states that the number of homes for sale in the U.S. dropped to an all-time low during the week ending November 28.
The high demand from home buyers that typically occurs throughout the summer has not slowed this Autumn but fewer people are listing their properties for sale.
“By the end of the year, there will likely by 100,000 fewer homes for sale than there were in February when housing supply last hit rock bottom,” said Redfin Chief Economist Daryl Fairweather. “In this extremely tight housing market, we could quickly see a proportional increase in competition and home prices.”
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
