overall demand<\/a> does not appear to be impacted by mortgage rates trending upwards, expected to remain low at no more than 3.5% this calendar year.<\/p>\nIt is interesting to note, however, that more expensive homes had increased sales activity because of “reasonable supply,” per Dr. Yun, adding that homes above the $250,000 mark have driven home sales in recent months.<\/p>\n
That said, Dr. Yun indicates that even homes priced above $500,000 to less than $1 million are subject to the tight inventory challenges.<\/p>\n
\u201cPotential buyers may have to enlarge their geographic search areas, given the current tight market,\u201d Dr. Yun noted. \u201cIf there were a larger pool of inventory to select from \u2013 ideally a five- or a six-month supply \u2013 then more buyers would be able to purchase properties at an affordable price.\u201d<\/p>\n
In past months, NAR has repeatedly pointed to the same solution to the inventory challenge – new home builders. If supply were increased and housing starts improved, demand would be more readily satiated and fewer people would be priced out of the market.<\/p>\n
Economic conditions typically shift under any new President, and with an ongoing pandemic, we are watching for any signs of hope in a dark time. With building material costs continuing to increase, labor conditions in the sector remaining difficult, mortgage rates are rising (albeit slowly), inventory levels are not expected to immediately improve.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HOMEOWNERSHIP) While demand for home sales has remained high, a lack of inventory means that numbers have continued to dip, according to the NAR.<\/p>\n","protected":false},"author":335814,"featured_media":17353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[602],"tags":[263,628,316,2195,1234],"class_list":["post-17350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership","tag-nar","tag-national-association-of-realtors","tag-pending-home-sales","tag-pending-sales","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2021\/03\/HomeCouchCatcus.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335814"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=17350"}],"version-history":[{"count":3,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17350\/revisions"}],"predecessor-version":[{"id":17354,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17350\/revisions\/17354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/17353"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=17350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=17350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=17350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}