How rising home-buying demand may outpace supply
In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers whether or not significant declines in housing inventory could be on the horizon if more sellers don’t list homes to meet the nation’s rising demand.
For some background on the story, here’s a summary of the article:
Throughout metropolitan areas nationwide, the tight supply of for-sale homes – already constrained pre-coronavirus – is continuing.
Although the increase in purchase mortgage applications signals a rebound of home-buyer interest and record-low mortgage rates could spur that further, “steeper declines in inventory could be on the horizon if more sellers don’t list homes to meet rising demand,” Realtor.com said in its weekly inventory report released Thursday.
For the week ending last Saturday, May 23, total inventory for sale dropped 22% year-over-year, the Realtor.com report said. That’s a larger drop than prior weeks.
NAR’s most recent numbers echo similar supply constraints. The number of homes for sale at the end of April totaled 1.47 million, the National Association of Realtors said last week. That’s the lowest level ever recorded for April, said Lawrence Yun, NAR’s chief economist, on a call with reporters.
Following the main story, HousingWire discusses a Black Knight report that says mortgage forbearance requests are slowing, Redfin’s mortgage lending expansion announcement and a letter from Fannie Mae to lenders on self-employment income.
The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: