Just when many housing markets were seeing some relief in their scant inventory of for-sale housing, there are now fresh signs afoot that supply levels may return to a trend of tightening.
A new report on the housing market from realtor.com indicates that within a few months, buyers may start to encounter a drop in the number of homes for sale, with the likely consequence of more bidding wars, more rapid price appreciation and sales closing faster.
This June, the U.S. median listing price was $316,000, which realtor.com expects will be the year’s peak median price, since available inventory and homes in demand are currently out of synch.
That lopsidedness was highlighted last month in another realtor.com study which showed that half of all buyers coast-to-coast were looking for homes priced at least 9 percent below the median sales price. This intense competition—much of it between would-be first-time buyers—has meant that many are forced to pay more than they’d planned to spend.
Boston ranked near the bottom of a recent realtor.com list of metro areas nationally measuring the gap in price between the median price buyers were searching for and the median listing price. The median searched-for price was fully 11.8 percent less here than