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Housing Shortages Abound Here

Housing Shortages Abound Here

Spencers butte 2

In many markets, there are just not enough homes for sale to meet buyer demand.

“More than two-thirds of the markets are seeing less inventory now compared to a year ago,” says Jonathan Smoke, realtor.com®’s chief economist. “Tight credit and limited new construction are clearly at play.”

Realtor.com®’s research team scoured the data to find the locales facing the most severe housing crunch. Of the 150 largest markets, realtor.com® pinpointed where inventories of homes are the lowest and where the problem is worsening too (by accounting for the percentage decrease in for-sale homes from 2015 to 2016). Here are the cities that topped its list:

1. Seattle, Wash.

  • Percentage of housing stock for sale: 0.4%
  • Decrease in for-sale homes in 2016: 13.4%

2. Eugene, Ore.

  • Percentage of housing stock for sale: 0.6%
  • Decrease in for-sale homes in 2016: 27.3%

3. Grand Rapids, Mich.

  • Percentage of housing stock for sale: 0.7%
  • Decrease in for-sale homes in 2016: 24.7%

4. Buffalo, N.Y.

  • Percentage of housing stock for sale: 0.6%
  • Decrease in for-sale homes in 2016: 15.9%

5. Fort Wayne, Ind.

  • Percentage of housing stock for sale: 0.8%
  • Decrease in for-sale homes in 2016: 24.9%

6. Sacramento, Calif.

  • Percentage of housing stock for sale: 0.6%
  • Decrease in for-sale homes in 2016: 5.5%

7. Detroit, Mich.

  • Percentage of housing stock for sale: 1%
  • Decrease in for-sale homes in 2016: 25.7%

Source: “Sold Out: These 10 U.S. Cities Have the Biggest Housing Shortages,” realtor.com® (Jan. 16, 2017)

Source: NAR – Real Estate News
Housing Shortages Abound Here

Image Credit: Don Hankins via Flickr / CC BY 2.0 (edited)

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