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CHICAGO – Aug. 22, 2016 – Homes are selling at the fastest rate since 2007, but sales could be even higher if not for the ongoing lack of inventory in many markets, says Jonathan Smoke, realtor.com®'s chief economist.
Forty percent of buyers surveyed by realtor.com in June said their No. 1 obstacle in purchasing a home was finding one that met their needs. The lack of inventory was also the top obstacle for buyers last year, though not as many respondents considered it their biggest obstacle.
There's 13 percent more consumers looking to purchase a home this summer compared to last summer, but there are 5 percent fewer homes for sale, Smoke reports.
"So it's not surprising that this low level of inventory – along with the rapid-fire speed at which homes are selling and the high level of price appreciation – has led to the general perception that we're in a seller's market," Smoke says. "But that doesn't mean it's all smooth sailing for sellers either."
More sellers are reporting a struggle in finding a home to purchase as well – and some homeowners say they aren't willing to risk selling their current home without having a new one under contract.
"Sales typically peak in June or July, but this year might turn out to be an exception," Smoke says. "With low mortgage rates, continued evidence of strong demand, and an increasing number of both buyers and sellers just starting to explore, we could have an extended peak."
Source: "Home Sales Are High – But if Not for Low Inventory, They'd Be Even Higher," realtor.com® (July 14, 2016)
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