There’s Only Half the Inventory of a Normal Housing Market Today

<article class="post-767053 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-767053"><span class="entry-date">August 8, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">There's Only Half the Inventory of a Normal Housing Market Today</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=There%27s+Only+Half+the+Inventory+of+a+Normal+Housing+Market+Today&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Ftheres-only-half-the-inventory-of-a-normal-housing-market-today%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="There's Only Half the Inventory of a Normal Housing Market Today Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230808-Theres-Only-Half-the-Inventory-of-a-Normal-Housing-Market-Today.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Wondering if it still makes sense to <a href="https://www.simplifyingthemarket.com/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sell your house</a> right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.</p>
<p>You may have heard <a href="https://www.simplifyingthemarket.com/2023/07/14/low-housing-inventory-is-a-sweet-spot-for-sellers-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">inventory</a> is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from <a href="https://www.calculatedriskblog.com/2023/08/housing-august-7th-weekly-update.html" rel="noopener noreferrer" target="_blank"><em>Calculated Risk</em></a> can help put that into perspective: </p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20230807/20230808-Inventory-Is-Still-Historically-Low.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230807/20230808-Inventory-Is-Still-Historically-Low.png"/></a>As the graph shows, while <a href="https://www.simplifyingthemarket.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">housing inventory</a> did grow slightly week-over-week (<em>shown in the blue bar</em>), overall supply is still low (<em>shown in the red bars</em>). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.</p>
<p>To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.<strong> </strong></p>
<p>The key takeaway? <span style="color: black;">We’re still nowhere near what’s considered a balanced market. There’s plenty of </span><a href="https://www.simplifyingthemarket.com/2023/07/27/homebuyers-are-still-more-active-than-usual/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">demand</a><span style="color: black;"> for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the </span><em style="color: black;">National Association of Realtors </em><span style="color: black;">(NAR), </span><a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-3-3-in-june-monthly-median-sales-price-reached-second-highest-amount" rel="noopener noreferrer" target="_blank">explains</a><span style="color: black;">:</span></p>
<blockquote><p><strong style="color: black;"><em>“There are simply not enough homes for sale. </em></strong><em style="color: black;">The market can easily absorb a doubling of inventory.”</em></p></blockquote>
<p><strong style="color: black;">So, if you want to </strong><a href="https://www.simplifyingthemarket.com/2023/07/12/renting-or-selling-your-house-whats-the-best-move/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><strong>list your house</strong></a><strong style="color: black;">, know that there’s only about half the inventory there’d usually be in a more normal year. </strong><span style="color: black;">That means your house will be in the spotlight if you </span><a href="https://www.simplifyingthemarket.com/2023/07/31/pricing-your-house-right-still-matters-today/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sell now</a><span style="color: black;"> and you may see multiple offers and a fast home sale. </span></p>
<h3>Bottom Line</h3>
<p>With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, connect with a local real estate agent now so your house can shine above the rest while inventory is so low.</p>
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