Speaking of much needed inventory, housing supply remained very low throughout 2023.
The overall number of existing homes on the market in December sat at 1 million units, up slightly for the year before, but down 11.5% from November’s figure.
That represents a 3.2 month supply, far short of 5 to 6 months, usually needed for a balanced market for inventory levels to improve significantly.
There will need to be either a surge of homeowners listing their existing properties or a huge amount of new construction homes sitting in the market.
A Both seem relatively unlikely, though Increases in housing inventory for 2024, there will be more home constructions and more 60 home owners will be willing to sell.
We do foresee some increases in the housing inventory for 2024.
