The Rutherford County housing market continued to slow in August, following a similar path to July. Higher mortgage rates, growing inventory, and softer buyer activity are creating a market that
The Biggest Issue Facing Housing Next Year
Dated: December 20 2019
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Here are several perspectives to consider on the inventory issue facing housing next year:
According to realtor.com:
“Despite increases in new construction, next year will once again fail to bring a solution to the inventory shortage that has plagued the housing market since 2015. Inventory could reach a historic low as a steady flow of demand, especially for entry level homes, and declining seller sentiment combine to keep a lid on sales transactions.”
Diana Olick at CNBC:
“Inventory has been falling annually for five straight months, after it recovered slightly toward the end of last year, due to a spike in mortgage rates. Rates began falling again by spring of this year. Homebuilders have been increasing production slowly, but it’s not enough to meet the increasingly strong demand.”
George Ratiu, Senior Economist with realtor.com
“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.”
Rob Janson
Rob Janson grew up in real estate, with his family owning a successful independent brokerage in Bristol, Tennessee. Rob moved to Murfreesboro in 1997 to attend Middle Tennessee State University. After....
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