Homebuyers Brace for Pain in a Post-Pandemic Market
Record-low housing inventories, rising demand and higher prices will strengthen the argument for renting next year.
Vaccines will change the buying math.
Source: Bloomberg
As coronavirus vaccines approach a widespread rollout, the next six months of economic activity are going to be dominated by the impact of society's growing immunity — and easing fears. Combined with historically low levels of housing inventory, that could make the traditional spring homebuying season a particularly frustrating one for buyers.
Recent housing data show how tight inventories already are. The supply of existing homes fell to 2.5 months in October, a record low for a period when normal inventory levels are four to five months of supply. For new homes, the months’ supply of inventory fell to 3.3 in October, also a record low.