According to a report released by realtor.com, lower interest rates are spurring increased demand and as a result the number of homes available for sale fell 9.5% year over year. November’s inventory declines amounted to a loss of 131,000 listings nationwide, compared to this time last year. According to realtor.com senior economist George Ratiu, “As millennials—the largest cohort of buyers in U.S. history—embrace homeownership and take advantage of this year’s unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish. The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home.”
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November housing inventory drops 9.5% year-over-year