Falling Housing Inventory Stock is Troubling
Posted by Florida Realty Marketplace on
Falling Housing Inventory Stock is Troubling
National Association of Realtors, a trend that continued into April.
"The inventory is reaching historic lows. It's never declined faster than it did last month. It's freaking us out—it's affecting our business; it's limiting our sales," said Redfin CEO Glenn Kelman, on CNBC. "We're going to be fine in terms of market share, but I think the overall industry for the first time is seeing sales volume really limited by the inventory crunch."
Data from Redfin shows that homes in April sold the fastest since 2010, and sold 10 days faster than a year previously. Many homes, one in four, sold above their list price. Kelman puts the blame partially on an unwillingness to sell, as many homeowners choose to…
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On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.
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