Recently, there has been a growing number of young Americans interested in buying homes. But though there’s been increasing demand, the number of affordable homes available to these buyers has lagged behind in many markets. In short, there are more potential first-time buyers than entry-level homes available for sale. This is a problem for the housing market, since it means many buyers get priced out or simply can’t find a home to buy. Fortunately, inventory is beginning to rebound. And, according to one recent report, the number of starter homes available for sale rose 3.5 percent over the last year. That’s the fastest pace in more than 6 years. It’s also good news for younger home buyers and the market overall. But though the news is good, the data also suggests inventory is growing fastest in more expensive markets. That means, some of the inventory growth is due to homes remaining on the market longer due to higher prices. More here.
