Market characteristics have melded to create a perfect storm where prospective homeowners are unable to find adequate affordable property due to an extreme lack of supply, and have thus refrained from putting their own
homes on the market, causing
sales activity to
slow further and price rises to lower.
Nationally, single - family housing construction
activity has increased at a
slower pace than in past economic recoveries, and the supply of
homes for
sale, measured by months of inventory and vacancies, is below long - term trends.