(CNBC/NBC News) – Today’s housing market is all about supply. The United States has been in a severe housing shortage for the past several years, which meant that as demand rose, prices did as well.
However, that trend has been slowly changing, at least on a temporary basis.
In 2019, more listings and prices have eased, although that may be short-lived as supply is expected to drop again in the fall and potentially hit a new low, according to realtor.com.
Inventory gains began to slow this year from 6.4% growth in January to 5.8% in February. Gains continued to slow throughout the spring and supply was up just 2.8% annually in June, however that is expected to flatten the next three months before declining in October 2019.
Of course, all real estate is local – the housing shortage is worsening in smaller, more affordable markets like Memphis, Richmond, Raleigh, Pittsburgh, and Oklahoma City, according to Redfin.
But in pricier markets, where demand has fallen off, like San Jose, Seattle, Denver, Chicago, and Boston, the supply of home for sale is increasing.