Inventory has been one of the housing market's primary problems for years now. Too few available homes for sale, combined with an elevated number of buyers, pushed home prices higher and caused affordability issues, bidding wars, and frustration for home shoppers. But new numbers from the National Association of Realtors' consumer website show the market beginning to balance after years of imbalance.
In fact, the number of active homes for sale in December was 54.7 percent higher than it was at the same time the year before. And while inventory remains low compared to pre-pandemic averages, the improvement should be welcome news for anyone hoping to buy a home in 2023.
Danielle Hale, the website's chief economist, says the gains will help moderate price growth and bring buyers back to the market. “Moderation in home price growth may encourage more buyers to return to the market in the months ahead, and may also be welcome news for sellers aiming to sell and buy at the same time,” Hale said.
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