In response to the question, “Are we in a housing bubble?,” Lawrence Yun, chief economist for the National Association of Realtors said, “It is not a bubble. It is simply a lack of supply.”
That really hit home when I was looking at March real estate data. The months supply of inventory was shockingly low, even lower in higher priced homes than it has been. Comparing this year in blue to last year in red shows how dramatic the change is from last year. Of course that is when we went into coronavirus lockdown so there was a slowdown in sales. Read more about it here… March 2021 real estate update… months supply of homes $1M+ about 1/3 what it was last year
I expect lack of inventory is also contributing to the slide in showings.
Although new and pending listings moderated a bit this week they are still strong and well over last year when we went into lockdown. Coming soon listings are still steady, with new and coming soon listings still over 3,000 this week.
from our blog at Keeping Current Matters
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
