The term “inventory shortage” is thrown around almost as frequently as “housing bubble” nowadays, but Q1 data from the National Association of Realtors pinpoints just how low supply has gone.
According to NAR, housing inventory sits at a very low two month supply, far below the six month ideal for a neutral market. And while NAR points out that at the end of March, housing inventory rose slightly to 1.07 million units, it was still down by 28.2 percent year-over-year.
“Without an increase in supply, the society wealth division will widen with homeowners enjoying sizable equity gains while renters will struggle to become homeowners,” said Lawrence Yun, NAR’s chief economist.
In other words, if you’ve been contemplating listing your property, there may literally be no better time than right now! Contact any of California Listings expert agents for more information today!