February 2021 Housing Report
Inventory has dropped steadily since the summer of 2020, reaching a new low as it dipped below one month to 0.9 months in February 2021. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
“Last month’s record cold and snowstorms likely caused sellers to hit pause, even if only temporarily,” says realtor.com®’s Chief Economist Danielle Hale. “However, in today’s inventory-starved market, any setback is significant. Unless we see some big improvements in the new listings trends over the coming months, buyers can expect stiff competition.”
According to realtor.com®’s Monthly Housing Trends Report, nationwide there are nearly 50% fewer homes for sale this year than last year. With interest rates on the rise and increased home prices, the spring homebuying season is going to be a tough one for house hunters. However, now is a great time to sell. Homes are selling for record highs with favorable terms for sellers.
February 2021 Statistics At-A-Glance…