Where are All the Houses?
Housing inventories are tightening up around the country and new construction in some areas is constrained, according to the recently released Federal Reserve Beige Book. The Beige Book summarizes conditions in 12 districts covered by the Federal Reserve Bank. The report found that home sales have continued to rise in most areas despite shrinking inventories. This combination has led to rising home prices in many cities, including Atlanta, Dallas, Kansas City, Minneapolis, and San Francisco.
Inventories are near decade lows following several years of low construction activity and a sharp decrease in the number of delinquencies and foreclosures in recent months.
- “Moving forward…”
Talk to home buyers in your area to see if the Beige Book findings on low inventories reflect what they are seeing in their market. How difficult is it for potential buyers to find a home that fits their needs? Talk to a Realtor® about new construction in your area. For more information on the Beige Book results, visit the National Association of Realtors® Economists’ Outlook blog.