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Jill On Money: The Real Estate Conundrum: No Houses
New Citizens Press, The (Lansing, MI)
By Jill Schlesinger
A year ago, the nation s housing market, like the rest of the economy, went into a deep, COVID-induced freeze. By the summer, the real estate industry had adjusted to socially distanced open houses and buyers were trying to get ahead of what would become a long year of work and school from home.
As we enter the spring, the housing market has a major problem that has persisted for a year: there is a lack of supply amid skyrocketing demand. At the end of February, existing housing inventory remained at a record-low of 1.03 million units, down by 29.5 % year-over-year - a record decline. Properties typically sold in 20 days, also a record. With so few properties on the market, bidding wars have erupted, and the median existing-home sales price rose to $313,000 in February, 15.8 % higher from one year ago.