Report: Housing inventory plummets

Report: Housing inventory plummets

Report: Housing inventory plummets
New data from online real estate site Zillow shows that the supply of homes on the market is growing thinner and thinner as the summer home buying season heats up. Housing inventory is now 17.1 percent below last year’s level and there are currently 3.8 percent fewer new listings on a week-over-week basis. While new listings are up 13.9 percent from April, the peak of the pandemic, they remain 16.6 percent lower than last year.

“While the housing market undoubtedly has felt the effects of COVID-19, we are encouraged by recent homebuyer demand as well as mortgage rates that should remain at record lows for the foreseeable future,” said Sam Khater, chief economist for Freddie Mac.

Those looking to purchase a new home will find mortgage rates very favorable with conventional, no-point, 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.625 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 (866) 381-8888 and your questions may be featured in an upcoming article.