John Varano

The number one issue for home buyers and sellers so far this year has been inventory. A lower-than-normal number of homes for sale has pushed prices higher and caused more competition for buyers in many markets. And, though higher prices can be good for homeowners who are looking to sell, they too will need to find a house to buy and move into once theirs has sold. In other words, inventory is an issue for anyone who is buying or selling a house right now. So when can we expect more homes to hit the market? Well, according to a report from the National Association of Realtors, fairly soon. In fact, their prediction is that August will show up to 500,000 new listings, which would represent the largest yearly gain in new inventory since March 2016. But, though this is encouraging news, they also expect that the majority of these new listings will be higher priced homes. If true, that will provide relief to some buyers but may not help first-time home buyers who are looking for an affordable starter home. Still, any increase in the number of homes for sale is good news for the overall market, since it can help moderate price increases and offer more choices to home shoppers.