According to the National Association of Realtors, the inventory of existing homes available for sale has never been lower in the 35-year history since tracking began.
Nationwide, that number is approximately 1.5 million homes, as compared to 2008, when nearly 3.5 million homes were available for sale.
As of January, home prices appreciated year over year for the 69th consecutive month. Since the real estate market crash (which bottomed-out in February 2012), homes prices have appreciated 47 percent, surpassing the pre-crisis peak by approximately six percent.
Activity is up in both the sale of existing homes and new homes. However, pending homes sales are down nearly four percent year over year, due in part to challenges in inventory and decreasing affordability as interest rates start to climb.
New home completions have been climbing as have building permits as the market attempts to keep up with demand. Overall, with a five-month supply of inventory, it is indeed a seller’s market.
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The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.