The current home market is one filled with heartache for the buyer. While home values are reaching or exceeding the peak values that were set during the housing bubble, inventory is falling rapidly—the fastest since 2013.
Zillow took a look at the factors that are influencing the national inventory shortage including slowdown in home building, less-frequent moves, and high demand. All these factors limit the number of homes for sale.
According to Zillow, the reason demand is so high is the combined effect of historically low mortgage rates and an incredibly strong job market. After the down payment, a steady job and low monthly mortgage payments make for favorable home-buying conditions.
Next week, Zillow will compare the amount of equity among homeowners of different generations and how close they are to paying off their homes. They also will identify where homeowners who owned their homes for the longest time made the most money after eventually selling.
“Generational Equity” will be released July 11 and “Where Holding on Paid Off” will release July 13.
Other Events in the Week Ahead:
Yellen’s Testimony on The Fed, Wednesday 2 p.m. EDT
Construction Spending Report, Wednesday 3 p.m. GMT
Freddie Mac Weekly Mortgage Survey, Thursday 10 a.m. EDT
Federal budget for June, Thursday 2 p.m. EDT