After a nice extended holiday weekend that traditionally marks the summer housing market, combined with all the chatter/concern about low inventory, I thought I'd look at listing levels over the past several years. I compared the level of active listing inventory (red line) around the Memorial Day weekend (red column) and its trough just before Labor Day (green arrow).
What's striking about Memorial Day this year is how much lower inventory is as we begin the summer housing market. Actually it's not so much striking as it is scary?strongly suggesting that inventory at the end of the summer could be at its lowest level in years.
Combining listing scarcity with record low mortgage rates and rising rents makes for a potent fall housing market cocktail (best consumed on the beach, obviously).
· Matrix [matrix.millersamuel.com]
· Three Cents Worth archive [Curbed]