The market is hot as median home prices reach all-time highs, with price gains of 19% from one year ago. However, home sales fell for the third straight month, running at a 5.85 million annualized pace in April. Lack of inventory is holding back sales potential. Learn more in the following video from the National Association of REALTORS YouTube channel.
In the following video, from the National Association of REALTORS YouTube channel, Chief Economist Lawrence Yun discusses home sales which are up 20% year over year for the third month in a row.
However, inventory is down and months’ supply is under 2 months, which means extremely tight market conditions. Prices are rising and the lack of inventory could potentially hold back first-time buyers in 2021.
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In today’s show, we hear from Lawrence Yun, Chief Economist at the National Association of REALTORS®