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Inventory plummets in the lower price points
CHICAGO – April 25, 2018 – Bargain hunters or first-timers looking to break into the housing market may need to face a cold reality: Finding a home for less than $250,000 is getting tougher and tougher.
Homes priced under $100,000 plunged 20.7 percent in March month-over-month, and the percentage of homes under $250,000 dropped 7.8 percent, according to the National Association of Realtors®’ (NAR) latest housing report.
The median home price was $250,400 in March, up 5.8 percent from a year ago.
“In general, we’re seeing that there aren’t enough homes available for sale across all price ranges,” says Danielle Hale, chief economist at realtor.com. “But the biggest shortage is under $250,000.”
Buyers looking for affordability will find existing homes significantly less expensive than buying a new home – about 30.5 percent lower than newly constructed homes. The median price of a newly constructed home was $326,800 in February, according to the Commerce Department.
“The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels,” says Lawrence Yun, NAR’s chief economist. “Supply is woefully low, and home prices keep climbing above what some would-be buyers can afford.”
Source: “Spring 2018 Report: Even Fewer Affordable Existing Homes for Sale,” realtor.com® (April 23, 2018)
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