According to the real estate website Zillow, the number of homes on the market nationally has dropped year-over-year for the last 42 consecutive months. As a result, prices have gone up; affordability down. Zillow partnered with data firm, Pulsenomics, to conduct a survey of housing market economists who said 2020 would be the soonest that may offer buyers a break from current conditions.
“For the past several years, home sellers have held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition in a fast-moving market,” said Zillow’s senior economist earlier this week. “Conditions are starting to show signs of easing up, but the effects of years of limited new construction and existing home inventory constriction will linger.”
Nationally, home value appreciation has been faster and higher thus far in 2018 than in 2017. Zillow’s survey noted that in some markets these trends have eased, but mostly prices have increased. The survey predicts 2018’s sales prices will top 2017’s record-breaking growth by 5.9%.