COVID-19 is Driving the Housing Inventory Crisis in Unexpected Ways
SEATTLE, Oct. 27, 2020 /PRNewswire/ -- A historic inventory crisis is driving up home prices to new highs, but understanding why would-be sellers are sitting on the sideline had been guesswork.
- SEATTLE, Oct. 27, 2020 /PRNewswire/ -- A historic inventory crisis is driving up home prices to new highs, but understanding why would-be sellers are sitting on the sideline had been guesswork.
- Life uncertainty, likely caused by COVID-19, is keeping more than a third (34%) of would-be sellers out of the market.
- Median sale prices are at all-time highs, up nearly 11% year-over-year for the week ending September 5th.
- The cumulative effect is a nationwide supply crisis with inventory down 37% year-over-year.