The Smart Team of NOVA® Home Loans

Inventory is Key to 2017 Housing Market

Posted To: MND NewsWire

The housing inventory, or lack of it, dominates Freddie Mac’s Outlook for April. The company’s Economic and Housing Research team says the supply of for-sale houses, especially starter homes , is at its lowest level in over ten years. This has real implications for home sales in 2017 and, unless inventories improve, they see a decline from last year when sales were the best in a decade. Between December 2016 and February of this year homes available for sale averaged an estimated 3.6-month supply, based on the current rate of absorption. This was the lowest supply since 2000. Last year there were 1.17 million housing starts and Freddie Mac estimates there will be 1.36 million this year. However, they also project a need for 1.7 million additional unit s just to meet the demand created by new…(read more)

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Source: Mortgage News Daily

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