2020 Begins With Lowest Housing Inventory in Two Years
News Corporation - Class A (NWSA)
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Source: PR Newswire
SANTA CLARA, Calif., Jan. 7, 2020 /PRNewswire/ -- December saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018 according to the December 2019 Housing Trends report released today by realtor.com®. Based on realtor.com®'s analysis, the inventory decline is accelerating across all price levels, including the luxury market. In December, inventory of homes priced under $200,000 declined by 18.1 percent year-over-year, higher than the 16.5 percent drop in November. Mid-tier housing priced between $200,000 and $750,000 also declined at an accelerated pace, up 10.2 percent year-over-year compared to November's decline of 7.4 percent. Listings of homes priced over $1 million shrunk by 4.4 percent year-over-year, up from from nearly 2 percent in November."The market is struggling with a large housing undersupply just as 4.8 million millennials
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