By now, seeing inventory fall every week is no longer a surprise… even though it’s March, when we’d normally expect inventory to be increasing each week as the peak home buying season is almost upon us. But this year, sellers are holding back.
Available inventory of single family homes for sale in the US dropped by another 1.5% this week to only 412,000. Last year by mid-March, we saw a steep increase in inventory off the crazy record lows, as demand slowed way down after February and inventory finally started to build.
This year’s inventory decline isn’t really about buyer demand, though – it’s about sellers.
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