However, there is one thing that is causing the industry to tap the brakes: a lack of housing inventory. Buyer demand has remained strong throughout the year, but supply has not kept up despite more listings coming to market.
Here are the thoughts of a few industry experts on the subject:
World Property Journal
“The slow pace of growth has thus far done little to reverse the long contraction ininventory that took place from January 2015 to August 2018. In July 2017, inventory wasfalling at its fastest pace since 2014 of 12.8 percent year-over-year.”
Robert Dietz, Chief Economist for the National Association of Home Builders
“A shortage of housing inventory, a deepening construction labor shortage and high landcosts are fueling the crisis”.
Aaron Terrazas, Senior Economist atZillow
"For four years it felt like homebuyers couldn't catch a break as for-sale inventory becametighter with each passing month…Homebuyers are not out of the woods yet, but there is aglimmer of light on the horizon."
Danielle Hale, Chief Economist atRealtor.com
“For buyers, there is going to be more inventory. So that’s a bright spot… The downside ofthat bright spot is it might not be in their price range.”