Talked to a realtor recently? No doubt your local real estate market is challenged, to say the least.
The big culprit here? Home prices. The bigger, underlying metric fueling the meteoric rise in home prices? Historically low housing inventory.
Median prices of existing home sales have risen every single month, year-over-year, for nearly ten straight years. And housing inventory, as measured in months, is bottoming out. Both metrics make this an extremely prohibitive market for home buyers.
Get a handle on your local housing and real estate market: Follow ESA’s housing market updates available at ESAroi.com.