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The supply of homes available for purchase on the market has plummeted in recent months. According to a January report from realtor.com, inventory levels have fallen 14 percent during the month. This is the lowest level since at least 2012.
Shrinking inventory has been observed most acutely among entry-level homes, priced under $200,000. Entry level-priced properties saw supply shrink 19 percent last month.
Anemic levels of housing stock is have a serious impact on the housing market as seen in December’s 4.9 percent drop in pending home sales, the largest in nearly a decade. San Diego was among the markets that saw the largest annual drop in inventory levels with a decline of 34 percent.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 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.