Weekly real estate update 4/23/21… it’s not a bubble, it’s a lack of supply

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

2021-02-year over year supply of inventory by price

I expect lack of inventory is also contributing to the slide in showings.

ShowingTime Stats 2021-04-21

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.

Market Stats YTD – 2021-04-23


from our blog at Keeping Current Matters

not a bubble-lack of supply


Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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