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The most recent data on housing supply and demand

Saturday, October 22, 2022   /   by Laura Larson

The most recent data on housing supply and demand

The stark disparity between high buyer demand and poor housing availability over the previous two years drove increased home sales and buyer competition. However, as supply and demand hit an inflection point this year, things are changing.

As mortgage rates rose and economic uncertainties increased this year, buyer demand decreased. It illustrates how showings have decreased by more than 12% from this time last year using the most recent data from ShowingTime.

What Do Buyers Need to Know About This Turning Point?
There will be less competition and more possibilities than last year if you're considering buying a property. As you enjoy having more options for homes in your home search, consult a reputable real estate expert to learn how the additional supply has also improved your negotiating position. That expert can explain to you the opportunities and difficulties customers confront in the changing market of today. You might be shocked to learn that they've changed from how they were a year ago.

What Do Sellers Need to Know About This Turning Point?
The total supply of homes for sale is still low, so keep that in mind if you're seeking to sell. This means that even with the increase in inventory and the decreasing buyer demand this year, your home will still sell if you work with an agent to set the price based on current market worth. This is due to the fact that there are still purchasers out there who are willing to relocate, and your home could be just what they're looking for.

Bottom Line
Laura Larson is the finest resource to consult if you're considering buying or selling a home for information on the current supply and demand. She can explain what's going on in your neighborhood market and what it means for you.