Housing inventories aren’t being replenished fast enough for home shoppers. As a result, they’re finding fewer and fewer home choices.
At the end of December 2020, housing inventory was 23% lower than a year earlier and sitting at an all-time low of 1.9-month supply at the current sales pace, according to the National Association of REALTORS®.
The housing markets with the lowest inventory in the third quarter of 2020 were:
Austin, Texas: 0.7-month supply
San Diego: 0.9-month supply
Tampa-St. Petersburg, Fla.: 1.1-month supply
Wichita, Kan.: 1.1-month supply
Anaheim-Santa Ana, Calif.: 1.2-month supply
On the other hand, buyers found the most choices in the following housing markets, which had the greatest housing supply during last year’s third quarter: